T4RSP, T4RIF & T4FHSA

Registered plans are tax-sheltered while money stays inside, but most withdrawals are taxable. Three slips report amounts coming out: the T4RSP for Registered Retirement Savings Plans, the T4RIF for Registered Retirement Income Funds, and the T4FHSA for First Home Savings Accounts. TFSA withdrawals are tax-free and produce no slip.

T4RSP

• Box 22, Withdrawal and commutation payments: reported on line 12900.

• Box 16, Annuity payments; Box 18, Refund of premiums on death; Box 26, Amounts deemed received on deregistration.

• Box 27, Home Buyers' Plan withdrawal; Box 25, Lifelong Learning Plan withdrawal: not taxed when withdrawn but must be repaid.

• Box 30, Income tax deducted.

Withholding tax on lump-sum RRSP withdrawals (outside Quebec) is 10 percent up to $5,000, 20 percent from $5,000 to $15,000, and 30 percent above $15,000. The final tax is calculated at the person's marginal rate on the return, which is often higher.

T4RIF

• Box 16, Taxable amounts: reported on line 13000 (or line 11500 if 65 or older, where it qualifies for the pension income amount and pension splitting).

• Box 24, Excess amount: withdrawals above the annual minimum, which have tax withheld.

• Box 28, Income tax deducted.

An RRSP must be converted to a RRIF or annuity by December 31 of the year the holder turns 71. A minimum percentage must be withdrawn each year starting the next year, based on age (for example 5.28 percent at 71). No tax is withheld on the minimum amount.

T4FHSA

• Box 22, Taxable FHSA amounts: withdrawals that are not qualifying withdrawals, reported on line 12905.

• Box 24, Qualifying withdrawals: tax-free when used to buy a first home.

• Box 26, Transfers to an RRSP or RRIF: tax-free and do not reduce RRSP room.

• Box 18 and 20: amounts on death of a holder and deregistration.

SPOUSAL RRSPS

When an annuitant withdraws from a spousal RRSP within three calendar years of the contributor spouse's last contribution, the withdrawal is taxed to the contributing spouse, and the slip identifies this. The rule prevents quick income splitting.