What Tax Receipts Do I Get For My RRSP?

by Pam on March 30, 2011

Tax time can get confusing with all the various tax slips you get from your bank.  It is sometimes hard to keep track of them all.   You might be wondering what tax slips you should be expecting in the mail if you have an RRSP, before you file taxes online for the year.

1. Contribution Receipts – You will only get receipts if you made contributions.

If you made any contributions during 2010 or during the first 60 days of 2011, you will receive one or more contribution receipts from your financial institution.  You would have already received the first 60 days of 2010 receipt in the spring of 2010 and you may have already claimed this on your 2009 taxes.  However, you will want to watch out for the remainder of 2010 receipt (March 2nd to December 31st) as well as for the first 60 days of 2011 receipt (Jan 1st to March 1st).

2. T4RSP Slips – The slip you will get if you made any withdrawals in 2010.

Look out for a T4RSP in the mail for withdrawals made from your RRSP in 2010.  You will be claiming the amount of withdrawal as income and will pay taxes accordingly.

3. You will not receive a T3 or a T5 slip for income earned from the investments inside of your RRSP.

Growth of your investments inside your RRSP is tax deferred.  In other words, you don’t have to claim and pay tax on the amount of interest/growth earned on your investments every year.  Instead, you only pay tax when you withdraw from the RRSP.  So, you don’t need to wait for any T3s or T5s if you have an RRSP.

If you neither contributed nor withdrew money from your RRSP, then you don’t have any tax slips to submit for the 2010 tax year.  You should have received most if not all of your tax slips in the mail by now, so if you are still expecting a slip or two, it would be a good idea to touch base with your financial institution to make sure they have your correct address.



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