T4RSP and T4RIF Guide – 2016

T4079(E) Rev. 16

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Table of contents

• Is this guide for you?
  • Confidentiality of information
• Definitions
• Chapter 1 – General information
  • T4RSP and T4RIF information returns
  • Payers (issuers or carriers) who have to file an information return
  • Electronic filing methods
  • Due date
  • Distribution of slips to recipients
• Chapter 2 – Penalties and interest
  • Late-filing and failure to file an information return
  • Failure to provide information on a return
  • Mandatory electronic filing
  • Interest
  • Cancel or waive penalties or interest
  • Notice of assessment
  • Maturity of an RRSP
• Chapter 3 – How to fill out the T4RSP and T4RIF slips
  • T4RSP slip
  • T4RIF slip
• Chapter 4 – T4RSP and T4RIF Summary
  • Filling out the T4RSP and T4RIF Summary
• Chapter 5 – After you file
  • Amending, cancelling, adding, or replacing slips
• Chapter 6 – Death of an annuitant under an RRSP or a RRIF
  • Deceased annuitant – Unmatured RRSPs
  • Deceased annuitant – Matured RRSPs
  • Deceased RRIF annuitant
• Chapter 7 – Payments to non-residents of Canada
• Appendix A – Samples of T4RSP forms
  • T4RSP Summary
  • T4RSP slip
• Appendix B – Samples of T4RIF forms
  • T4RIF slip
  • T4RIF Summary
• Appendix C – Calculating the eligible amount of a designated benefit
• Appendix D – Minimum amount from a RRIF
  • RRIF that holds annuity contracts
• Appendix E – Information for transfers of funds
• Appendix F – Addresses of tax centres
• Online services
  • Handling business taxes online
  • Receiving your CRA mail online
  • Authorizing the withdrawal of a pre-determined amount from your bank account
  • Electronic payments
• Related forms and publications
• For more information
  • What if you need help?
  • Forms and publications
  • Electronic mailing lists
  • Teletypewriter (TTY) users
  • Service complaints
  • Reprisal complaint
  • Tax information videos

Is this guide for you?

This guide has information on how to fill out the T4RSP and T4RIF information returns. You can find samples of these forms in Appendix A and Appendix B.

This guide does not deal with every tax situation. However, the section Related forms and publications lists other publications that deal with registered retirement savings plans (RRSPs) and registered retirement income funds (RRIFs).

Unless otherwise noted, all legislative references are to the Income Tax Act and Income Tax Regulations.

We use plain language to explain the most common tax situations. If you need more information after reading this guide, go to our website or call 1-800-959-5525.

Throughout the guide, we refer to other forms and publications. If you need any of these go to Forms and publications or call 1-800-959-5525.

Confidentiality of information

Under the Privacy Act, the information you give on the T4RSP and T4RIF information returns and any related forms can be used only for the purposes authorized by law.

Customized slips and summary forms

You no longer need to get CRA approval for most customized information slips and summaries. For more information, go to customized forms or see Information Circular IC97-2 – Customized Forms.

Limit on paper form orders

Since August 2015, we apply an order limit of 50 copies for many printed information returns. You can use the CRA’s Web Forms service online to save, print and send your T4A slips and summaries electronically – for free!

Mandatory electronic filing

As of January 1, 2016, if you file more than 50 information returns for a calendar year, you have to file online. If you do not file your returns using Internet File Transfer or Web Forms, you may have to pay a penalty.
Use our free online filing application at Web Forms or go to Filing information returns electronically to learn more about our electronic filing options.

For more information, see Mandatory electronic filing.

Definitions

Common-law partner – a person who is not your spouse, with whom you are living in a conjugal relationship, and to whom at least one of the following situations applies. He or she:

1. has been living with you in a conjugal relationship, and this current relationship has lasted for at least 12 continuous months;
2. is the parent of your child by birth or adoption; or
3. has custody and control of your child (or had custody and control immediately before the child turned 19 years of age) and your child is wholly dependent on that person for support.

Fair market value (FMV) – usually the highest dollar value you can get for your property in an open and unrestricted market, between a willing buyer and a willing seller who are acting independently of each other.

Non-qualified investment – any property that is not a qualified investment for the RRSP or RRIF trust. See the definition of Qualified investment.

Pooled registered pension plan (PRPP) – a retirement savings plan to which you or your participating employer or both can contribute. Any income earned in the PRPP is usually exempt from tax as long as it remains in the plan.

Qualified beneficiary – the annuitant's spouse or common-law partner or the annuitant's financially dependent child or grandchild.

Qualified investment – an investment in properties, including money, guaranteed investment certificates, government and corporate bonds, mutual funds, and securities listed on a designated stock exchange.

Specified pension plan (SPP) – a pension plan or similar arrangement that has been prescribed under the Income Tax Regulations as a “specified pension plan” for purposes of the Income Tax Act (currently the Saskatchewan Pension Plan is the only arrangement prescribed to be a specified pension plan). Many of the rules related to RRSPs also apply to SPPs.

Spouse – a person to whom you are legally married.

Chapter 1 – General information

T4RSP and T4RIF information returns

Use the T4RSP and T4RIF information returns to report amounts from an RRSP or a RRIF that residents of Canada have to include in or can deduct from their income. Use the T4RSP information return to report amounts residents must include on Schedule 7, RRSP and PRPP Unused Contributions, Transfers, and HBP or LLP Activities. For information about payments to non-residents of Canada, see Chapter 7 – Payments to non-residents of Canada.

To prepare a T4RSP or a T4RIF information return, you must fill out the T4RSP or T4RIF slips and the related summary. A summary alone is not an information return.

Slip – Use the slip to report amounts that an individual has to report on his or her income tax and benefit return or on Schedule 7, RRSP and PRPP Unused Contributions, Transfers, and HBP or LLP Activities. For information on how to fill out the T4RSP and the T4RIF slips, see Chapter 3 – How to fill out the T4RSP and T4RIF slips. See a sample of the T4RSP and T4RIF.

Summary – Use the summary to record the total amount you reported on all related slips. For information on how to fill out the summary, see Filling out the T4RSP and T4RIF Summary. See a sample of the T4RSP Summary and the T4RIF Summary.

Payers (issuers or carriers) who have to file an information return

You have to file an information return to report the following amounts you paid or are considered to have paid to residents of Canada:

• taxable benefits paid in the year to the annuitant;
• taxable benefits paid in the year to the beneficiaries when the annuitant dies;
• taxable benefits that the annuitant is considered to have received in the year;
• other taxable income amounts or allowable deductions in the year;
• the fair market value (FMV) of all property of an RRSP just before it became an amended plan under subsection 146(12);
• the FMV of all property of a RRIF just before it became an amended fund under subsection 146.3(11);
• withdrawals under the Lifelong Learning Plan (LLP);
• withdrawals under the Home Buyers' Plan (HBP); and
• amounts directly transferred on breakdown of a marriage or common-law partnership.

Electronic filing methods

To know when internet filing will be available, go to Filing Information Returns Electronically.

You must file information returns by Internet if you file more than 50 information returns (slips) for a calendar year.

If you use commercial or in-house developed software to manage your business, you can file up to 150 MB by Internet file transfer. For example, a service bureau can file multiple returns in one submission provided that the total submission does not exceed the 150 MB restriction.

Our Web Forms application is free and secure. To use it, all you need is access to the Internet. With Web Forms you can fill out an information return easily, following the step-by-step instructions.

Web Forms lets you:

• file up to 100 slips (original, amended, or cancelled) from our website;
• calculate the totals for the summary;
• create an electronic information return containing slips and a summary, which can be saved and imported at a later date;
• print all your slips and your summary; and
• validate data in real time.

After you submit your information return, you will receive a confirmation number that will be your proof that we received it.

To use the Web Forms application, you must have a web access code. If you do not have a web access code, you can easily get one online or by calling us. For more information, see Web access code.

To start using this application or to get more information, go to Web Forms.

Filing by Internet file transfer (XML)

Internet file transfer allows you to transmit an original or amended information return with a maximum file size of 150 MB. All you need is a Web browser to connect to the Internet, and your software will create, print, and save your electronic information return in XML format. For more information about this filing method, contact your software publisher or go to Filing information returns electronically.

Web access code

To file your return over the Internet using the Internet file transfer or Web Forms service, your will need a business number and its associated web access code (WAC), unless you are filing through My Business Account or Represent a Client. For more information about these services, see the next section "Filing without a Web access code." The CRA is no longer mailing WAC letters; as a result, you can use the WAC that was issued for the 2012 tax year to file your information returns. If you have misplaced or do not have a WAC, go to Web access code to access our web access code online service. If you cannot get your WAC online or would like to change it, call the e-Services Helpdesk at 1-800-959-5525.

Filing without a Web access code

You can also file your information returns without a Web access code using the “File a return” service and selecting either the “Web Forms” (up to 100 slips) or “Internet file transfer (XML)” (up to 150 MB) option at:

• My Business Account, if you are a business owner; or
• Represent a Client, if you are an authorized representative or employee.

Log in to My Business Account using your CRA user ID and password, or the Sign-in Partner option.

To register, you will need to provide :

• your social insurance number (SIN);
• your date of birth;
• your postal code or ZIP code;
• an amount you entered on your income tax and benefit return (the line request will vary). It could be from either the current or previous tax year; and
• your business number (BN).

You should receive your CRA security code within 5 to 10 days. We will mail it to the address we have on file for you. The separate mailing of the security code is a measure used to protect you from identity theft and to ensure the security of your personal information.

Filing on paper

If you file 1 to 50 slips, we strongly encourage you to file online using Internet file transfer or Web Forms. However, you can still file up to 50 slips on paper.

If you need more paper copies, you can order a maximum of 50 single-page slips that have three slips per page intended for printers, for typing, or to be filled out by hand, at Forms and publications or by calling 1-800-959-5525.

If you choose to file your return on paper, mail it to:

Ottawa Technology Centre
875 Heron Road
Ottawa ON K1A 1G9

Fill out one copy of the T4RSP or T4RIF slip for each recipient and send them with your T4RSP or T4RIF Summary. Enter the information for three different recipients on one sheet. You must keep a copy of the T4RSP or T4RIF slips and the T4RSP or T4RIF Summary for your files.

Filing using computer-printed (customized) forms

For those who fill out a large numbers of slips, we accept certain slips other than our own. To ensure accuracy, follow the guidelines for the production of customized forms at customized forms or see Information Circular IC97-2, Customized Forms.

You no longer need to get CRA approval for most customized information slips and summaries.

Due date

You have to file an information return by the last day of February following the calendar year to which the information return applies. If the last day of February is a Saturday or Sunday, your return is due on the next business day. If you discontinue your business or activity, you have to file a return for the year or part-year no later than 30 days after the date the business or activity ended.

Distribution of slips to recipients

Send the recipients' copies of the T4RSP or T4RIF slip to their last known address or deliver them in person. You can also send a copy of one of these slips in electronic format to the recipient if you received their consent either in writing or in electronic format.

You have to do this on or before the day you have to file the information return.

Chapter 2 – Penalties and interest

Late filing and failure to file an information return

The minimum penalty for late filing the T4RSP or T4RIF information return is $100 and the maximum penalty is $7,500. For the complete penalty structure, go to Penalty for failure to file an information return by the due date.

Failure to provide information on a return

Anyone who prepares an information return has to make a reasonable effort to get the necessary information, including the social insurance number, from the individuals that will receive the slips. If you do not do this, you may be liable to a $100 penalty for each failure to comply with this requirement.

If you have to prepare an information return, or if you are an officer, employee, or agent of someone who does, you cannot knowingly use or communicate an individual's SIN, or allow it to be communicated, other than as required or authorized by law or for the purpose for which it was provided for.

If you use an individual's SIN for unauthorized purposes, you may be guilty of an offence and liable, if convicted, to a maximum fine of $5,000 or imprisonment of up to 12 months, or both.

Mandatory electronic filing

Failure to file information return by internet

If you file more than 50 information returns for a calendar year and you do not file the returns by Internet File Transfer or Web Forms, you may have to pay a penalty determined as follows:

Penalty by the number of information returns

Number of information returns (slips) by type	Penalty
51 to 250	$250
251 to 500	$500
501 to 2,500	$1,500
2,501 or more	$2,500

Interest

If you fail to pay an amount, we may apply interest from the day your payment was due. The interest rate we use is determined every three months, based on prescribed interest rates. Interest is compounded daily. We also apply interest to unpaid penalties. For the prescribed interest rates, go to Prescribed interest rates.

Cancel or waive penalties or interest

The CRA administers legislation, commonly called the taxpayer relief provisions, that gives the CRA discretion to cancel or waive penalties or interest when taxpayers are unable to meet their tax obligations due to circumstances beyond their control.

The CRA’s discretion to grant relief is limited to any period that ended within 10 calendar years before the year in which a request is made.

For penalties, the CRA will consider your request only if it relates to a tax year or fiscal period ending in any of the 10 calendar years before the year in which you make your request. For example, your request made in 2017 must relate to a penalty for a tax year or fiscal period ending in 2007 or later.

For interest on a balance owing for any tax year or fiscal period, the CRA will consider only the amounts that accrued during the 10 calendar years before the year in which you make your request. For example, your request made in 2017 must relate to interest that accrued in 2007 or later.

To make a request, fill out Form RC4288, Request for Taxpayer Relief – Cancel or Waive Penalties or Interest. For more information about relief from penalties or interest and how to submit your request, go to Taxpayer relief provisions.

Notice of assessment

We will issue a notice of assessment for the T4RSP or T4RIF information return only if we apply a penalty.

Maturity of an RRSP

A registered retirement savings plan (RRSP) must mature by the end of the year in which the annuitant turns 71 years of age.

Chapter 3 – How to fill out the T4RSP and T4RIF slips

T4RSP slip

If you are filing your information return electronically, do not send us the paper copy of the slips. For more information about filing methods, see Electronic filing methods or go to Filing Information Returns Electronically.

Report amounts in Canadian dollars and cents, even if they were paid in another currency. To get the average exchange rates, go to What are the Average Exchange Rates?

For each T4RSP slip you prepare, provide the following information.

Recipient's name and address

Enter the last name, in capital letters, followed by the first name and initials, and then the complete address. Enter the name of only one recipient on each T4RSP slip.

Box 12 – Social insurance number

Enter the recipient's social insurance number (SIN).

You have to make a reasonable effort to get the recipient's SIN. However, when the recipient indicates that he or she does not have a SIN and either has to apply for one or has already applied for one, do not delay filling out the information return beyond the required filing date. If the recipient has not provided his or her SIN by the time you have to file the information slip, enter nine zeros.

For more information, see Failure to provide information on a return.

Box 14 – Contract number

Enter the contract number of the RRSP.

Box 60 – Name of payer (issuer) of plan

Enter the full name of the RRSP payer (issuer) who remits the withholding tax to us and whose account number is shown in box 61.

Box 61 – Account number

Enter the account number of the RRSP payer (issuer). The 15-character account number that you use to send us your clients' deductions (which appears at the top of your PD7A statement of account) consists of three parts:

• the nine-digit business number (BN);
• a two-letter program identifier; and
• a four-digit reference number.

When we require the whole 15-character number, we now refer to the account number instead of the business number. Do not provide your account number (box 61) on the copies you give to the recipient.

Year

Enter the year on each T4RSP slip. Make sure the year you enter is the same as the year on the summary.

Fill out boxes 16 to 40 as they apply. The amount you enter in each of boxes 16 to 34 is the gross amount of the payment before you deducted tax or made any other deductions.

Box 16 – Annuity payments

Enter the amount of annuity payments you made in the year on or after maturity of the plan, or after the plan became an amended plan if this occurred before May 26, 1976. For the meaning of the term amended plan, see Box 26 – Amounts deemed received on deregistration. Also see Maturity of an RRSP.

Box 18 – Refund of premiums

This is an amount you paid from an unmatured RRSP to the spouse or common-law partner of the RRSP annuitant because the annuitant died. This amount does not include income that can be considered a refund of premiums if paid to other qualified beneficiaries because of the annuitant's death. Report this income in box 28.

For a death in 1993 and later years, the refund of premiums from a depositary and trusteed RRSP can include income earned in the RRSP after the annuitant's date of death, up to December 31 of the year after the year of death.

Before you enter an amount in box 18, see Deceased annuitant – Unmatured RRSPs for more information on situations that arise when an annuitant under an unmatured RRSP dies.

Box 20 – Refund of excess contributions

Enter the gross amount of excess contributions made in 1991, or a later year, that you refunded to the annuitant. If an annuitant asks for a refund of the excess contributions he or she made after 1990 and gives you a filled out Form T3012A, Tax Deduction Waiver on the Refund of your Unused RRSP, PRPP, or SPP Contributions from your RRSP, that we have approved (Part 3), do not withhold tax from the withdrawal.

Box 22 – Withdrawal and commutation payments

Enter the following amounts:

• any amount the annuitant withdrew in the year before the plan matured; and
• any amount you paid to the annuitant in the year to commute full or partial annuity payments under the plan.

A commutation payment is a fixed or lump-sum payment from an RRSP annuity that equals the current value of all or part of the future annuity payments.

Do not report the following amounts in box 22:

• any amount withdrawn under the LLP and reported in box 25;
• any amount withdrawn under the HBP and reported in box 27;
• withdrawals for which you received an approved Form T3012A; or
• amounts directly transferred on breakdown of a marriage or common-law partnership and reported in box 35.

Box 25 – LLP withdrawal

Enter the amount withdrawn from an RRSP by an eligible individual participating in the Lifelong Learning Plan (LLP).

To make an eligible withdrawal, an individual has to use Form RC96, Lifelong Learning Plan (LLP) Request to Withdraw Funds from an RRSP. The individual can withdraw up to $10,000 a year, but cannot withdraw more than $20,000 in total over a four-year period. Any amount withdrawn that is more than the annual limit must be reported in box 22. For more information on the LLP, see Guide RC4112, Lifelong Learning Plan (LLP) Includes Form RC96.

Boxes 24 and 36

A spousal or common-law partner RRSP is any RRSP to which the annuitant's spouse or common-law partner contributed it includes:

• any RRSP that received payments or transfers of property from RRSPs to which the annuitant's spouse or common-law partner contributed, or
• any RRSP that received payments or transfers of property from RRIFs to which the annuitant transferred amounts from other spousal or common-law partner RRSPs.

For a spousal or common-law partner RRSP, tick yes in box 24. Enter the contributor spouse or common-law partner's SIN in box 36 if:

• there is an amount in box 20, 22, 26, or 35; and
• the annuitant is less than 74 years of age at the end of 2016.

When you transfer property from or between spousal or common-law partner RRSPs and spousal or common-law partner RRIFs, you have to keep track of the property no matter how often it is transferred.

For all other situations, tick no in box 24, and leave box 36 blank, unless there is a direct transfer on breakdown of a marriage or common-law partnership, in which case you would indicate the SIN of the annuitant of the transferee plan in box 36.

This includes the following situations:

• at the time of the payment, the spouses or common-law partners were separated and living apart because of a breakdown of their relationship;
• the contributor spouse or common-law partner died during the year the payer made or is considered to have made the payment; or
• at the time of the payment, either the annuitant or the contributor spouse or common-law partner was a non-resident.

Box 26 – Amounts deemed received on deregistration

The terms of an RRSP can change after registration, or a new plan can be substituted for an old plan. If an RRSP changes and no longer satisfies the rules it was registered under, the plan is no longer an RRSP. It becomes an amended plan under subsection 146(12), and the fair market value (FMV) of all property held by the plan just before the revision or substitution becomes taxable.

In this situation, enter in box 26 the FMV of all the property of the plan just before it was revised or substituted. This is the only type of income you report in box 26.

Box 27 – HBP withdrawal

Enter the amount withdrawn from an RRSP by an eligible individual participating in the Home Buyers' Plan (HBP).

To make an eligible withdrawal, an individual has to use Form T1036, Home Buyers' Plan (HBP) Request to Withdraw Funds from an RRSP. The individual can withdraw up to $25,000. Any amount withdrawn that is more than the withdrawal limit must be reported in box 22.

For more information, see HBP.

Box 28 – Other income or deductions

Although an annuitant has to include certain amounts in income, he or she can deduct other amounts. Calculate the income and deductions indicated in this section and enter the difference in box 28. If the deductions are greater than the income, enter the difference in brackets.

Include the following amounts in the income of an annuitant of a trusteed RRSP:

• the FMV of the property when it began to be used as security for a loan, if the trustee used any of the trust's property as security for a loan or allowed any of its property to be used as security for a loan during the year;
• the difference between the FMV of a property and its proceeds of disposition, if the trustee disposed of the property during the year and its proceeds of disposition were nil or less than its FMV when the trustee disposed of it; and
• the difference between the acquisition cost of the property and its FMV, if the trustee acquired the property during the year and its acquisition cost was greater than its FMV when it was acquired.

The annuitant of a trusteed RRSP can deduct the following two amounts in calculating income:

• If the trustee disposed of a property during the year and it was a non-qualified investment when it was acquired, the annuitant of a trusteed RRSP can deduct the lesser of the following two amounts in calculating income:
  • the FMV of the non-qualified property when it was acquired, if an issuer reported that amount as income of the annuitant; and
  • the proceeds of disposition of the non-qualified property.

If the annuitant of a matured RRSP dies, you have to include in box 28 the part of an amount paid from the RRSP to a beneficiary, other than the deceased annuitant's spouse or common-law partner that is more than the total of the following amounts:

• the part of the RRSP property that becomes receivable by the surviving spouse or common-law partner as a result of the annuitant's death; and
• the benefit the deceased annuitant is considered to have received just before death (amount reported in box 34).

If the annuitant of an unmatured RRSP dies, you may have to include in box 28 a part or the entire amount of income earned in the RRSP after the annuitant's date of death that was paid to another beneficiary.

For information on situations that arise when an annuitant under an unmatured RRSP dies, go to Deceased annuitant – Unmatured RRSPs.

Box 30 – Income tax deducted

Enter the amount of income tax you deducted. Leave the box blank if you did not deduct income tax.

For more information on withholding rates, see "Chapter 2 – Deducting Income Tax" in Guide RC4157, Deducting Income Tax on Pension and Other Income, and Filing the T4A Slip and Summary.

You have to withhold tax from all payments (including withdrawals and commutation payments) made during the lifetime of the original annuitant, other than:

• periodic annuity payments;
• a refund of excess RRSP contributions for which the annuitant has given you an approved Form T3012A, Tax Deduction Waiver on the Refund of your Unused RRSP, PRPP, or SPP Contributions from your RRSP;
• amounts directly transferred on breakdown of a marriage or common-law partnership as reported in box 35;
• a withdrawal for which the annuitant has given you a filled out Form T1036, Home Buyers' Plan (HBP) Request to Withdraw Funds from an RRSP; and
• a withdrawal for which the annuitant has given you a filled out Form RC96, Lifelong Learning Plan (LLP) Request to Withdraw Funds from an RRSP.

Box 34 – Amounts deemed received on death

Matured RRSPs – We consider the annuitant under a matured RRSP to have received, immediately before the time of death an amount equal to the FMV of all the property held by the RRSP at the time of death, minus the part of that amount that the surviving spouse or common-law partner can receive because of the annuitant's death.

Unmatured RRSPs – We consider the annuitant under an unmatured RRSP to have received, immediately before the time of death, an amount equal to the FMV of all the RRSP property held by the RRSP at the time of death.

Box 35 – Transfers on breakdown of marriage or common-law partnership

Enter the amount directly transferred under a decree, order, or judgment of a court, or under a written agreement relating to a division of property between the individual's current or former spouse or common-law partner in settlement of rights arising from the breakdown of their relationship. Prepare the slip in the name of the individual whose funds are being transferred (the transferor).

Enter the social insurance number of the annuitant of the plan receiving the funds (the transferee plan) in box 36. Tick no in box 24, unless the transferring plan is a spousal or common-law partner plan.

Use Form T2220, Transfer from an RRSP, RRIF, PRPP or SPP to Another RRSP, RRIF, PRPP or SPP on Breakdown of Marriage or Common-law Partnership, to document the details of the transfer.

You must review and keep on file the court order or separation agreement if you are unable to get the signature of both individuals.

Keep Form T2220 for your records only. Do not send us a copy.

Box 40 – Tax-paid amount

Report in box 40 the tax-paid amount that you paid to certain beneficiaries from a trusteed RRSP. The legal representative needs this amount to determine the amount to report on the deceased annuitant's final tax return.

For more information on tax-paid amounts, see Tax-paid amount and after-tax amount.

T4RIF slip

If you are filing your information return electronically, do not send us the paper copy of the slips. For more information about filing methods, see Electronic filing methods or go to Filing Information Returns Electronically.

Report amounts in Canadian dollars and cents, even if they were paid in another currency. To get the average exchange rates, go to What are the Average Exchange Rates?

For each T4RIF slip you prepare, provide the following information.

Recipient's name and address

Enter the last name, in capital letters, followed by the first name and initials, and then the complete address. Enter the name of only one recipient on each T4RIF slip.

Box 12 – Social insurance number

Enter the recipient's social insurance number (SIN).

You have to make a reasonable effort to get the recipient's SIN. However, when the recipient indicates that he or she does not have a SIN and either has to apply for one or has already applied for one, do not delay filling out the information return beyond the required filing date. If the recipient has not provided his or her SIN by the time you have to file an information slip, enter nine zeros.

For more information, see Failure to provide information on a return.

Box 14 – Contract number

Enter the contract number of the RRIF.

Box 60 – Name of payer (carrier) of fund

Enter the full name of the RRIF payer (carrier) who remits the withholding tax to us and whose account number is shown in box 61.

Box 61 – Account number

Enter the account number of the RRIF payer (carrier). The 15-character account number that you use to send us your clients' deductions (which appears at the top of your PD7A statement of account) consists of three parts:

• the nine-digit business number (BN);
• a two-letter program identifier; and
• a four-digit reference number.

When we require the whole 15-character number, we now refer to the account number instead of the business number. Do not provide your account number (box 61) on the copies you give to the recipient.

Year

Enter the year on each T4RIF slip. Make sure the year you enter is the same as the year on the summary.

Fill out boxes 16 to 36, as they apply. The amount you enter in each of boxes 16 to 24 is the gross amount of the payment, before you deducted tax or made any other deductions.

Box 16 – Taxable amounts

Enter the taxable amounts from the RRIF that you paid to an annuitant or to another beneficiary in the year.

These amounts include the following:

• the minimum amount payment you have to make out of the RRIF in the year and any excess amount you paid to the annuitant in the year. For more information on minimum amount, see Appendix D – Minimum amount from a RRIF. For more information on excess amounts, see Box 24 – Excess amount;
• the payments that the spouse or common-law partner continues to receive as the successor annuitant after the previous annuitant dies. For more information, see Spouse or common-law partner as successor annuitant;
• the RRSP property that was transferred to a RRIF, then identified as excess contributions and refunded from the RRIF; and
• the amounts you paid to the deceased annuitant's spouse or common-law partner as a designated benefit from a RRIF. For more information on designated benefits, see Qualified beneficiary and designated benefit.

The taxable amounts shown in box 16 do not include:

• the amounts directly transferred on breakdown of a marriage or common-law partnership as reported in box 35;
• the amounts considered to have been received by the deceased annuitant just before death;
• the amounts that the deceased annuitant's child or grandchild has received or is considered to have received as a designated benefit from a RRIF; and
• the income earned on RRIF property after the year that follows the year of the annuitant's death.

For more information about tax situations that can arise when an annuitant dies, see Deceased RRIF annuitant.

Box 18 – Amounts deemed received by the annuitant – Deceased

The deceased annuitant of a RRIF is considered to have received, just before death, an amount equal to the fair market value (FMV) of the RRIF property at the time of death.

Box 20 – Amounts deemed received by the annuitant – Deregistration

The terms of a RRIF contract can change after registration, or a new fund can be substituted. If a RRIF changes and no longer satisfies the requirements under which it was registered, the fund is no longer a RRIF. It becomes an amended fund under subsection 146.3(11), and the fair market value (FMV) of all property held in the fund just before the revision or substitution is to be included as income of the annuitant.

In this situation, enter in box 20 the FMV of all property of the fund just before it was revised or substituted. This is the only type of income you should report in box 20.

Box 22 – Other income or deductions

Although an annuitant has to include certain amounts in income, he or she can deduct other amounts. Calculate the income and deductions identified below and enter the difference in box 22. If the deductions are greater than the income, enter the difference in brackets.

Include the following amounts in the income of an annuitant of a trusteed RRIF:

• the FMV of the property when it began to be used as security for a loan, if the trustee used any of the trust’s property as security for a loan or allowed any of its property to be used as security for a loan during the year;
• twice the difference between the FMV of a property and its proceeds of disposition, if the trustee disposed of the property during the year and the proceeds of disposition were nil or less than the FMV of the property when the trustee disposed of it; and
• twice the difference between the acquisition cost of the property and its FMV, if the trustee acquired the property during the year and its acquisition cost is greater than the FMV of the property when it was acquired.

The annuitant of a trusteed RRIF can deduct the following two amounts in calculating income:

• If the trustee disposed of a property during the year, and it was a non-qualified investment when it was acquired, the annuitant of a trusteed RRIF can deduct the lesser of the following two amounts in calculating income:
  • the FMV of the non-qualified property when it was acquired, if a carrier reported that amount as income of the annuitant; and
  • the proceeds of disposition of the non-qualified property.

Box 24 – Excess amount

The terms of a RRIF contract can allow a payment that is over the minimum amount (for more information on the minimum amount, see Appendix D – Minimum amount from a RRIF). Report the excess amount in box 24. You must also report this excess amount in box 16 plus the minimum amount. If an annuitant chooses to have payments from the RRIF continue to the spouse or common-law partner after the annuitant's death, the surviving spouse or common-law partner becomes the successor annuitant. For more information on how to report the minimum and excess amounts when the annuitant dies, see Spouse or common-law partner as successor annuitant.

Boxes 26 and 32

A spousal or common-law partner RRIF is a RRIF that received payments or transfers of property from a spousal or common-law partner RRSP. A spousal or common-law partner RRIF also includes a RRIF that received a payment or transfer of property from any of the annuitant's other spousal or common-law partner RRIFs. When you transfer property from or between spousal or common-law partner RRSPs and spousal or common-law partner RRIFs, you have to keep track of the property no matter how often it is transferred.

For a spousal or common-law partner RRIF, print or type yes “Y” in box 26. In addition, enter the contributor spouse or common-law partner's SIN in box 32 if the annuitant is less than 74 years old at the end of 2016 and:

• the amount in box 20 is more than the minimum amount. For more information, see Appendix D – Minimum amount from a RRIF;
• there is an amount in box 24; or
• there is an amount in box 35.

For all other situations, print or type no “N” in box 26 and leave box 32 blank, unless there is a direct transfer on breakdown of a marriage or common-law partnership, in which case you would enter the SIN of the annuitant of the transferee plan in box 32.

This includes the following situations:

• at the time of the payment, the spouses or common-law partners were separated and living apart because of a breakdown of their relationship;
• the contributor spouse or common-law partner died during the year the payer made or is considered to have made the payment; or
• at the time of the payment, either the annuitant or the contributor spouse or common-law partner was a non-resident.

Box 28 – Income tax deducted

Enter the amount of income tax you deducted. Leave the box blank if you did not deduct income tax.

For more information on withholding rates, see the section called "Chapter 2 – Deducting income tax" in Guide RC4157, Deducting Income Tax on Pension and Other Income, and Filing the T4A Slip and Summary.

You have to withhold tax from the excess amount (amount reported in box 24) if you paid the amount during the lifetime of the annuitant. Do not withhold income tax from the minimum amount.

Box 30 – Year, Month, Day

Enter the date of death as follows: YY MM DD.

Box 35 – Transfers on breakdown of marriage or common-law partnership

Enter the amount directly transferred under a decree, order, or judgment of a court, or under a written agreement relating to a division of property between the individual's current or former spouse or common-law partner in settlement of rights arising from the breakdown of their relationship. Prepare the slip in the name of the individual whose funds are being transferred (the transferor).

Enter the social insurance number of the annuitant of the plan receiving the funds (the transferee plan) in box 32. Enter no in box 26, unless the transferring plan is a spousal or common-law partner plan.

Use Form T2220, Transfer from an RRSP, RRIF, PRPP or SPP to Another RRSP, RRIF, PRPP or SPP on Breakdown of Marriage or Common-law Partnership, to document the details of the transfer.

You must review and keep on file the court order or separation agreement if you are unable to get the signature of both individuals.

Keep Form T2220 for your records only. Do not send us a copy.

Box 36 – Tax-paid amount

For deaths occurring in 1993 and later years, you have to report in box 36 the tax-paid amount that you paid to certain beneficiaries from trusteed RRIFs. The legal representative needs this amount to determine the amount to report on the deceased annuitant's final tax return.

For more information on tax-paid amounts see Tax-paid amount and after-tax amount.

Chapter 4 – T4RSP and T4RIF Summary

If you are filing electronically, do not send us the paper copy of the summary. For more information about filing methods, see Electronic filing methods or go to Filing Information Returns Electronically.

If you are filing on paper, use the T4RSP or T4RIF Summary to report the totals of the amounts that you reported on the related T4RSP or T4RIF slips. Send the original T4RSP or T4RIF Summary and the related slips to the Ottawa Technology Centre. To get a T4RSP or T4RIF Summary, go to Forms and publications or call 1-800-959-5525.

If the total number of T4RSP or T4RIF slips you file is more than 50 for the same calendar year, you have to file them online.

Report amounts in Canadian dollars and cents, even if they were paid in another currency. To get the average exchange rates, go to What are the Average Exchange Rates?

Filling out the T4RSP and T4RIF Summary

Fill out a separate summary for each payer account number. The totals you report on your T4RSP or T4RIF Summary have to agree with the totals you report on your T4RSP or T4RIF slips. Errors or omissions, can cause unnecessary processing delays.

For the year ending December 31, 20__ – Make sure that the year you enter is the same as the year on the slips.

Account number – Enter the account number from your PD7A remittance form. The 15-character account number that you use to send us your clients' deductions (which appears at the top of your PD7A statement of account for current source deductions) has three parts:

• the nine-digit business number (BN);
• a two-letter program identifier; and
• a four-digit reference number.

Name and address of payer (issuer or carrier) of plan or fund – Enter your full name and address, including your postal code, as shown on your PD7A remittance form.

Total number of T4RSP or T4RIF slips filed (line 88) – Enter the total number of T4RSP or T4RIF slips included with the summary.

Total amounts (lines 16 to 35) – The amounts to report on the summary are the totals of the amounts in the corresponding boxes on the slips.

Remittances (line 82) – Enter the amount of income tax you remitted during the year.

Difference – Subtract the amount of the remittances from the income tax deducted. If there is no difference, enter "0". We do not charge or refund a difference of $2 or less.

Overpayment (line 84) – If you overpaid taxes and you will not be filing any other return under this account number, enter the amount of the overpayment.

You may want an overpayment transferred or refunded. Include a written request that explains the reason for the overpayment and what you would like us to do.

Balance due (line 86) – Enter the amount of the balance due. An unpaid balance may result in a penalty. In addition, we will charge interest, compounded daily at the prescribed rate, on the outstanding amount.

Person to contact about this information return (lines 76 and 78) – Enter the name and telephone number of a person familiar with the records and operations of the financial institution. We may contact that person if we need more information.

Certification – An authorized officer of the financial institution has to fill out and sign this area.

Chapter 5 – After you file

When we receive your information return, we check it to see if you have prepared it correctly. After an initial review, we enter your return into our processing system, which captures the information and performs various validity and balancing checks. If there are any problems, we may contact you.

Amending, cancelling, adding, or replacing slips

After filing your T4RSP or T4RIF information return, you may notice an error on a T4RSP or T4RIF slip. If so, you will have to prepare an amended slip to correct the information. Provide copies to the recipient. Do not include slips that have no changes.

Amending or cancelling slips over the Internet

To amend a slip over the Internet, change only the information that is incorrect and retain all of the remaining information that was originally submitted. Use summary report type code "A" and slip report type code "A."

To cancel a slip, do not change any information that was contained on the original slip. Use summary report type code “A” and slip report type code “C.”

For more information on amending or cancelling slips online, go to Filing information returns electronically.

Amending or cancelling slips on paper

If you choose to file your amended return on paper, clearly identify the slips as amended or cancelled by writing "AMENDED" or "CANCELLED" at the top of each slip. Make sure you fill in all the necessary boxes, including the information that was correct on the original slip. Send two copies of the slips to the recipient. Send one copy of the amended/cancelled slips to Employer Service Section in any tax centre with a letter explaining the reason for the amendment/cancellation. The addresses of our tax centres are listed in Appendix F.

Do not file an amended or cancelled T4RSP or T4RIF Summary.

Adding slips

After you file your T4RSP or T4RIF information return, you may discover that you need to send us additional T4RSP or T4RIF slips. If you have original slips that were not filed with your information return, file them separately either electronically or on paper.

To file additional slips electronically, see Electronic filing methods.

If you file additional slips on paper, clearly identify the new slips by writing "ADDITIONAL" at the top of each slip. Send a copy of the slips to any tax centre with a letter explaining the reason for the addition. The addresses of our tax centres are listed in Appendix F.

File an additional T4RSP or T4RIF Summary.

Replacing slips

If you issue T4RSP or T4RIF slips to replace copies that are lost or destroyed, do not send us a copy of these slips. Clearly identify them as "DUPLICATE" copies, and keep a copy for your records.

Chapter 6 – Death of an annuitant under an RRSP or a RRIF

In this chapter, we explain how to report amounts that you paid or that are considered to have been paid from an RRSP or a RRIF because the annuitant died.

The method of reporting RRSP or RRIF amounts depends on the plan's or fund's type. There are three types of RRSPs and RRIFs.

A depositary RRSP or RRIF is generally issued by a person who is, or is eligible to become, a member of the Canadian Payments Association. A depositary RRSP or RRIF can also be a credit union that is a shareholder or member of a body corporate referred to as a central for purposes of the Canadian Payments Act, which can accept an individual's deposit in its branch or office in Canada.

A trusteed RRSP or RRIF is generally issued by a corporation licensed or otherwise authorized under the laws of Canada or a province or territory to carry on in Canada the business of offering to the public its services as a trustee. Since most trust companies are also members of the Canadian Payments Association, they may offer RRSPs that satisfy the meaning of a depositary RRSP or RRIF. The terms and conditions of the legal document establishing the plan will determine whether it is a depositary or a trusteed RRSP or RRIF. The trust is a separate person for income tax purposes.

An insured RRSP or RRIF is generally issued by a person licensed or otherwise authorized under the laws of Canada or a province or territory to carry on an annuities business in Canada.

Deceased annuitant – Unmatured RRSPs

As a general rule, when an RRSP did not mature before the annuitant's death, the deceased annuitant is considered to have received, just before death, an amount equal to the fair market value (FMV) of all property of the RRSP. This amount has to be included in the deceased annuitant's income. However, this amount may be reduced if it is paid to a qualified beneficiary as a refund of premiums. It can also be reduced if it is paid to the deceased annuitant's estate and the deceased annuitant's legal representative and a qualified beneficiary elect to treat some or all of it as being paid to the qualified beneficiary. Only the spouse, common-law partner, or a financially dependent child or grandchild can be a qualified beneficiary.

In some circumstances, the amount received as a refund of premiums by a qualified beneficiary can be transferred and the beneficiary can claim a deduction for the amount transferred.

Who is the beneficiary and how is the beneficiary designated?

As an RRSP issuer, you have to determine who is designated as the beneficiary before you pay out any amounts. The beneficiary may be designated in the RRSP contract or in the deceased annuitant's will.

Designation in RRSP contract – If the beneficiary is designated in the RRSP contract, the amounts are to be paid to that person. If no beneficiary is named in the RRSP contract, but the estate is named, the amounts are to be paid to the estate.

Designation in will – If the designation is made in the will, you make the payout to the estate. The legal representative of the estate (executor or liquidator) is responsible for determining the amount each beneficiary will receive according to the will. The legal representative will also determine if the amount can be treated as a refund of premiums.

If the spouse or common-law partner or a financially dependent child or grandchild is designated as a beneficiary, that beneficiary and the legal representative of the estate can jointly elect to treat part or all the amounts paid to the estate as received by them as a refund of premiums. This allows the transfer of these funds to a permitted investment. To do so, the beneficiary and the legal representative of the estate must fill out Form T2019, Death of an RRSP Annuitant – Refund of Premiums or Joint Designation on the Death of a PRPP Member.

Qualified beneficiary and refund of premiums

Generally, a refund of premiums is some or all of an amount paid out of an RRSP to a qualified beneficiary as a result of the annuitant's death. A refund of premiums includes an amount paid as an RRSP benefit, but it does not include a tax-paid amount.

RRSP benefit and exempt period

Amounts included in an RRSP payout after the date of death that represent income realized from the date of death up to December 31 of the year after the year of death will always be an RRSP benefit to the recipient of the payment, regardless of when the amount is paid. This is the case whether the plan is a depositary, trusteed, or insured RRSP. If it is paid or considered to have been paid to a qualified beneficiary, it will always be a refund of premiums.

Exempt period – We refer to the period from the date of death to December 31 of the year after the year of death as the exempt period. For example, if an annuitant dies on January 8, 2015, the exempt period will end on December 31, 2016.

The income earned or realized in the exempt period that is an RRSP benefit includes:

• interest;
• dividends; and
• capital gains and losses.

Tax-paid amount and after-tax amount

The tax-paid amount applies only to depositary and trusteed RRSPs. For the purposes of this guide, a tax-paid amount is generally the income earned in an RRSP after the end of the exempt period. It does not qualify as a refund of premiums.

Depositary RRSP

For a depositary RRSP, interest or income that accrued after the exempt period will always be a tax-paid amount. It is not an RRSP benefit or a refund of premiums.

Trusteed RRSP

For a trusteed RRSP, the income earned or realized after the exempt period that is paid to the beneficiary in the year that it is trust income is an amount for which the trust can claim a deduction. If the deduction is claimed, this amount is a tax-paid amount and an RRSP benefit, but not a refund of premiums.

Income earned or realized after the exempt period that is not paid to the beneficiary in the year that it is trust income is not an RRSP benefit. The trustee has to file a T3RET, T3 Trust Income Tax and Information Return for the trust and pay tax on that income. In such cases, do not report the after-tax amount as income. However, do report it as a tax-paid amount on the T4RSP slip in the year an amount is paid to the beneficiary. This after-tax amount is not an RRSP benefit or a refund of premiums.

For more information, see Guide T4013, T3 Trust Guide.

Insured RRSP

The tax-paid amount does not apply to an insured RRSP. Therefore, any payment to a qualified beneficiary from an insured RRSP is considered a refund of premiums, regardless of when it is earned or paid.

How to issue slips

In this section, we explain how to issue slips in various situations. We start with the most common situation, where the spouse or common-law partner is the designated beneficiary in the RRSP contract.

Situation 1: The spouse or common-law partner is the beneficiary, and there is a full transfer of property.

Most commonly, a spouse or common-law partner is named as beneficiary and all the following conditions apply:

• the spouse or common-law partner is named as beneficiary of all the RRSP property in the RRSP contract;
• you are making a direct transfer of the entire refund of premiums under paragraph 60(l) to the spouse or common-law partner's RRSP or RRIF, or to an issuer to buy an eligible annuity for the spouse or common-law partner; and
• all the RRSP property is distributed before the end of the exempt period.

In this case, issue a T4RSP slip in the name of the spouse or common-law partner for the year you complete the transfer. Enter the amount of the payout as a refund of premiums in box 18. This amount can include income earned in the RRSP after the date of death to the date of the transfer, since the amount is paid before the end of the exempt period. Do not issue any slip in the name of the deceased.

For more information on post-death decline in the value of an unmatured RRSP, see Information Sheet RC4177, Death of an RRSP Annuitant or a PRPP Member.

To issue T4RSP slips in other situations according to the type of RRSP, see Situation 2 and 3 at How to issue T4RSP slips.

Deceased annuitant – Matured RRSPs

Spouse or common-law partner as beneficiary of the RRSP property

If the spouse or common-law partner of a deceased annuitant is the beneficiary or the successor annuitant under the terms of a matured RRSP, he or she becomes the annuitant of the RRSP. The RRSP continues and you make the annuity payments to the spouse or common-law partner as the successor annuitant.

Report the amount of the annuity payments that you made to the successor annuitant in box 16 (not box 34) of the T4RSP slip that you issue to the spouse or common-law partner.

Spouse or common-law partner as beneficiary of the estate

The deceased annuitant's legal representative may be entitled to receive amounts from the RRSP "for the benefit of the spouse or common-law partner." If this is the case, the legal representative and the spouse or common-law partner can file a joint written election with us to treat amounts paid to the legal representative as being paid to the spouse or common-law partner. If the legal representative and the spouse or common-law partner makes this election, we consider the spouse or common-law partner:

• to be the annuitant under the plan; and
• to have received all amounts from the plan as RRSP benefits.

For more information on the meaning of the expression "for the benefit of the spouse or common-law partner" see paragraph 8 of Interpretation Bulletin IT-500, Registered Retirement Savings Plans – Death of an Annuitant.

If you know that the deceased annuitant's legal representative and the surviving spouse or common-law partner have jointly filed an election with us, you should:

• issue the T4RSP slip to the surviving spouse or common-law partner, even if you make the payments to the deceased annuitant's legal representative; and
• report the annuity payments in box 16, not box 34.

Other situations

In any other situation, including when you make payments to a child or grandchild beneficiary, you have to issue a T4RSP slip in the name of the deceased annuitant for the year of death. In box 34, enter the fair market value (FMV) of all the property held by the plan at the time of the annuitant's death.

Amounts you paid from the plan may be more than the amount receivable by the spouse or common-law partner and the amount reported in box 34 of the T4RSP slip you issued to the deceased annuitant. In this case, all or part of the excess amount is a benefit from the RRSP. Issue a T4RSP slip in the name of the beneficiary for the year of payment and enter the benefit in box 28. For more information on how to calculate the amount to report in box 28, see Box 28 – Other income or deductions.

Deceased RRIF annuitant

Spouse or common-law partner as successor annuitant

An annuitant can choose to have the RRIF payments continue to his or her spouse or common-law partner after death. If the terms of the RRIF contract or the deceased annuitant's will name the spouse or common-law partner as the successor annuitant, the spouse or common-law partner becomes the annuitant of the RRIF.

If the deceased annuitant does not name the spouse or common-law partner as the successor annuitant in either the RRIF contract or in a will, the surviving spouse or common-law partner can still become the successor annuitant. If the deceased's legal representative consents and the RRIF carrier agrees, the RRIF carrier can continue to make payments under the RRIF to the surviving spouse or common-law partner as the successor annuitant.

If you learn that the deceased annuitant's will names the surviving spouse or common-law partner as the successor annuitant, ask for a copy of the will or that part of the will that names the surviving spouse or common-law partner as the successor annuitant.

Income paid to the original annuitant – If you paid part of the minimum amount for the year to the original annuitant, enter that amount in box 16 of the T4RIF slip you issued to the deceased annuitant. If you also paid an excess amount to the original annuitant, enter that amount in boxes 16 and 24 of the same slip.

Income paid to the successor – If you paid part of the minimum amount for the year to the spouse or common-law partner as the successor annuitant, enter that amount in box 16 of the T4RIF slip that you issue to the successor annuitant. If you also paid an excess amount to the successor annuitant, enter that amount in boxes 16 and 24 of the same slip.

Beneficiary of the RRIF property

Instead of choosing to have the RRIF payments continue to his or her surviving spouse or common-law partner after death, the RRIF annuitant can name an individual in the RRIF contract as the beneficiary of any part of the RRIF property.

Generally, the deceased annuitant is considered to have received, just before death, an amount equal to the FMV of all property of the RRIF at the time of death. This amount has to be included in the deceased annuitant's income. However, this amount may be reduced if it is paid to a qualified beneficiary as a designated benefit. It can also be reduced if it is paid to the deceased annuitant's estate, and the deceased annuitant's legal representative and a qualified beneficiary elect to treat some or all of it as being paid to the qualified beneficiary. Only the spouse or common-law partner or a financially dependent child or grandchild can be a qualified beneficiary.

As a RRIF issuer, you have to determine who is designated as the beneficiary before you pay out any amounts. The beneficiary may be designated in the RRIF contract or in the deceased annuitant's will.

Designation in RRIF contract – If the beneficiary is designated in the RRIF contract, the amounts are to be paid out to that person. If no beneficiary is named in the RRIF contract, but the estate is named, the amounts are to be paid to the estate.

Designation in will – If the designation is made in the will, you make the payout to the estate. The legal representative of the estate (executor or liquidator) is responsible for determining the amount each beneficiary will receive according to the will. The legal representative will also determine if the amount can be considered a designated benefit.

If the spouse or common-law partner or a financially dependent child or grandchild is designated as a beneficiary, that beneficiary and the legal representative of the estate can then jointly elect to treat part or all of the amounts paid to the estate as received by them as a designated benefit. This allows the transfer of these funds to a permitted investment. To do so, the beneficiary and the legal representative of the estate must fill out Form T1090, Death of a RRIF Annuitant – Designated Benefit.

Qualified beneficiary and designated benefit

A qualified beneficiary is the annuitant's spouse or common-law partner or the annuitant's financially dependent child or grandchild. Generally, a designated benefit is some or all of an amount paid out of a RRIF to a qualified beneficiary as a result of the annuitant's death. A designated benefit includes an amount paid as a RRIF benefit, but it does not include a tax-paid amount. A designated benefit is similar to a refund of premiums paid from an unmatured RRSP.

RRIF benefit and exempt period

Amounts included in a RRIF payout after the date of death that represent income realized from the date of death up to December 31 of the year after the year of death will always be a RRIF benefit to the recipient of the payment, regardless of when the amount is paid. This is the case whether the plan is a depositary, trusteed, or insured RRIF. If it is paid or considered to have been paid to a qualified beneficiary, it will always be a designated benefit.

Exempt period – We refer to the period from the date of death to December 31 of the year after the year of death as the exempt period. For example, if an annuitant dies on January 8, 2015, the exempt period will end on December 31, 2016.

The income earned or realized in the exempt period that is a RRIF benefit includes:

• interest;
• dividends; and
• capital gains and losses.

Tax-paid amount and after-tax amount

The tax-paid amount applies only to depositary and trusteed RRIFs. For the purposes of this guide, a tax-paid amount is generally the income earned in a RRIF after the end of the exempt period. It does not qualify as a designated benefit.

Depositary RRIF

For a depositary RRIF, interest or income that accrued after the exempt period will always be a tax-paid amount. It is not a RRIF benefit or a designated benefit.

Trusteed RRIF

For a trusteed RRIF, the income earned or realized after the exempt period that is paid to the beneficiary in the year that it is trust income is an amount for which the trust can claim a deduction. If the deduction is claimed, this amount is a tax-paid amount and a RRIF benefit, but not a designated benefit.

Income earned or realized after the exempt period that is not paid to the beneficiary in the year that it is trust income is not a RRIF benefit. The trustee has to file a T3RET, T3 Trust Income Tax and Information Return for the trust and pay tax on that income. In such cases, do not report the after-tax amount as income. However, do report it as a tax-paid amount on the T4RIF slip in the year an amount is paid to the beneficiary. This after-tax amount is not a RRIF benefit or a designated benefit.

For more information, see Guide T4013, T3 Trust Guide.

Insured RRIF

The tax-paid amount does not apply to an insured RRIF. Therefore, any payment to a qualified beneficiary from an insured RRIF is considered a designated benefit, regardless of when it is earned or paid.

How to issue slips

In this section, we explain how to issue slips in various situations. We start with the most common situation, where the spouse or common-law partner is the designated beneficiary in the RRIF contract.

Situation 1: The spouse or common-law partner is the beneficiary and there is a full transfer of the eligible amount of the designated benefit.

Most commonly, a spouse or common-law partner is named as the beneficiary and all the following conditions apply:

• the spouse or common-law partner is named as beneficiary of all the RRIF property in the RRIF contract;
• you are making a direct transfer of the entire eligible amount of the designated benefit under paragraph 60(l) to the spouse or common-law partner's RRSP or RRIF, or to an issuer to buy an eligible annuity for the spouse or common-law partner; and
• all the RRIF property is distributed before the end of the exempt period.

In this case, issue a T4RIF slip in the name of the spouse or common-law partner for the year you complete the transfer. Enter the total amount of the designated benefit in box 16. Calculate the amount of the designated benefit that is eligible for transfer using Appendix C and enter it in box 24. This amount can include income earned in the RRIF after the date of death to the date of transfer, since the amount is paid before the end of the exempt period. Do not issue any slip in the name of the deceased.

You fill out Form RC249 for the year in which you make the final payment from the RRIF, and you must complete it no later than the last day of February following the calendar year in which you make that final payment. You must send one copy of the filled out form to the deceased annuitant's legal representative and one copy to the deceased annuitant's tax centre. To identify the tax centre, see Appendix F.

For more information on post-death decline in the value of a RRIF, see Information Sheet RC4178, Death of an RRIF Annuitant.

To issue T4RIF slips in other situations according to the type of RRIF, see Situation 2 or 3 at How to issue T4RIF slips.

Chapter 7 – Payments to non-residents of Canada

You have to file an NR4 information return to report amounts paid or credited, or that are considered to be paid or credited, by residents of Canada to non-residents from:

• an RRSP or an amended plan; or
• a RRIF or an amended fund.

If you have a balance owing, you can make your payment in many different ways. You may be able to pay electronically through your financial institution's online or telephone banking services. My Payment is a payment option that allows individuals and businesses to make payments online, using the CRA's website, from an account at a participating Canadian financial institution. For more information, go to My Payment. Payments can also be made using CRA’s wire transfer option. For more information on how to make your payment, go to Make a payment to the Canada Revenue Agency. If you remit your payment late, any balance due may be subject to penalties and interest at the prescribed rate.

Make sure we receive your payment by the 15th day of the month following the month you withheld the tax.

For information on how to fill out an NR4 information return, see Guide T4061, NR4 – Non-Resident Tax Withholding, Remitting, and Reporting.

For more information or to get a copy of the NR75 and NR76 forms, go to Payment forms and remittance vouchers available only in paper format.

For more information on non-resident tax or to use the non-resident tax calculator, go to International and non-resident taxes.

You do not have to withhold non-resident income tax for anyone whom we have confirmed as a resident of Canada. On request, we will give you, the resident payer, written authorization not to withhold non-resident tax from the payments where applicable, such as when you are not sure if the payee is a resident of Canada.

For more information, see Income Tax Folio, S5-F1-C1, Determining an Individual's Residence Status.

Appendix A – Samples of T4RSP forms

T4RSP Summary

T4RSP slip

Appendix B – Samples of T4RIF forms

T4RIF slip

T4RIF Summary

Appendix C – Calculating the eligible amount of a designated benefit

To calculate the eligible amount of a designated benefit, you will need the following information:

• amount for the year under the RRIF (for more information on how to calculate the minimum amount, see Minimum amount from a RRIF).
• Total of amounts that the deceased annuitant received during the year from the RRIF and included as income under subsection 146.3(5).
• Total of amounts that the beneficiaries included in income as designated benefits for the year from the RRIF under subsection 146.3(5).
• Part of the designated benefit of the RRIF included in the individual's income for the year under subsection 146.3(5).

Part A – Calculating the qualifying part of all designated benefits

Step 1: Note the minimum amount for the year under the RRIF.

Step 2: Note the total of amounts that the deceased annuitant received during the year from the RRIF and included as income under subsection 146.3(5).

Step 3: Note the total of amounts that the beneficiaries included in income as designated benefits for the year from the RRIF under subsection 146.3(5).

Step 4: Note the amount in Step 1.

Step 5: Note the amount in Step 1 or Step 2, whichever is less.

Step 6: Calculate the following: the amount in Step 4 minus the amount in Step 5.

Step 7: Calculate the following: 1 minus (the amount in Step 6 divided by the amount in Step 3). The calculated amount is the qualifying part of all designated benefits.

Part B – Calculating the eligible amount

Step 8: Note the part of the designated benefit of the RRIF included in the individual's income for the year under subsection 146.3(5).

Step 9: Note the calculated amount in Step 7.

Step 10: Calculate the following: the amount in Step 8 multiplied by the amount in Step 9. This amount represents the eligible amount of the designated benefit. Report it in box 24 of the surviving spouse or common-law partner's T4RIF slip.

Appendix D – Minimum amount from a RRIF

As the carrier of a RRIF, you have to pay a minimum amount to the annuitant every year after the year in which the RRIF is set up. You calculate this amount by multiplying the fair market value (FMV) of the property held in the RRIF at the start of the year by a prescribed factor.

RRIF that holds annuity contracts

A trusteed RRIF is permitted to hold the following two types of annuity contracts as qualified investments.

Locked-in annuity contracts

In this guide, an annuity contract is one that a licensed annuities provider issues (this is a person licensed or otherwise authorized under the laws of Canada or a province or territory to carry on an annuities business in Canada) and that meets all the following conditions:

• The contract states that periodic payments be made annually or more frequently.
• The RRIF trust is the only person entitled to receive the annuity payments under the contract (unless the trust disposes of the annuity).
• Usually, the time and the amount of any payment under the contract cannot vary and must be based on the life of the RRIF annuitant. However, if the annuitant has elected to have the minimum amount paid to the annuitant's spouse or common-law partner after the annuitant's death, the payments can be based on the joint lives of the annuitant and the spouse or common-law partner.
• The periodic payments can start no later than the end of the year that follows the year in which the trust acquired the contract.
• The annuity contract must be one of the following:
  • a life annuity for the life of the RRIF annuitant that does not have a guaranteed period that runs past the end of the year in which the annuitant reaches 90 years of age. If the RRIF annuitant had a younger spouse or common-law partner when the contract was acquired, the annuity can be for the joint lives of the annuitant and the spouse or common-law partner with a guaranteed period that does not run past the end of the year in which the spouse or common-law partner reaches 90 years of age; or
  • a term annuity with a term equal to either 90 years minus the age of the RRIF annuitant at the time the periodic payments start, or 90 years minus the age of the annuitant's spouse or common-law partner on that date if the spouse or common-law partner is younger than the annuitant.
• The periodic payments must be equal, unless they have been adjusted for one of the following reasons:
  • in accordance with indexing;
  • to reflect an increase or reduction in the value of a specified group of assets constituting the assets of a separate and distinct account or fund maintained for a variable annuities business by a licensed annuity provider;
  • in accordance with a change in the interest rate on which the annuity is based, only if the new rate equals or approximates a generally available Canadian market interest rate;
  • to reflect increases in the consumer price index, in whole or in part, as published by Statistics Canada under the authority of the Statistics Act;
  • to reflect an increase in the rate specified in the annuity contract of not more than 4% per year;
  • in accordance with an annual increase as long as the amount or rate of return that would have been earned on a pool of investment assets (available for purchase by the public and specified in the contract) is more than an amount or rate specified in the plan and provides that no other increase may be made in the amount payable; or
  • as a result of a partial surrender of the right to receive periodic payments under the contract.

Other annuity contracts

These are contracts issued by a licensed annuities provider that meet both the following conditions:

• The RRIF trust is the only person entitled to receive the annuity payments under the contract. This does not apply after the RRIF trust disposes of the annuity.
• The annuity contract must give the annuitant an ongoing right to surrender the contract for an amount that, ignoring reasonable sales and administrative charges, approximates the amount that could be required to fund future periodic payments under the contract.

Calculating the minimum amount

To calculate the minimum amount for trusteed RRIFs that hold locked-in annuity contracts, see the chart entitled "Calculating the minimum amount" at Minimum amount from a RRIF or see Example – Calculating the minimum amount.

The existing rules for calculating the minimum amount as described at the start of this appendix will continue to apply to a trusteed RRIF as long as it does not acquire a locked-in annuity contract. The calculation for a trusteed RRIF that holds a locked-in annuity contract applies to any year that starts after 1997 and after the trust first holds a locked-in annuity contract.

Appendix E – Information for transfers of funds

The following information provides the forms to use for the most common direct transfers. For information about other transfers not covered in these charts, see Interpretation Bulletin IT-528, Transfers of Funds Between Registered Plans.

For more information on pooled registered pension plan (PRPP) transfers, see Guide RC4157, Deductions Income Tax on Pension and Other Income, and Filing the T4A Slip and Summary.

It is no longer mandatory that you use Form T2033, Direct Transfer under subsection 146.3(14.1), 147.5(21) or 146(21), or paragraph 146(16)(a) or 146.3(2)(e), to transfer property from a RRIF.

You can choose one of the following methods of transferring funds between registered plans:

• modify the CRA form to add all the additional information you or your client needs to report;
• develop your own form or facsimile for the type of transaction; or
• do the transfer online or by other means to eliminate the need for a paper copy.

Make sure you provide all the relevant information about the transfer, the funds are properly transferred to the new plan; and the client's needs are respected.

For more information on payments that you have to transfer directly, see "Payments that you have to transfer directly" at Transfer of funds.

For more information on transferring payments received from a transferor plan directly to a transferee plan because of a marriage or common-law partnership breakdown, see "Transfer of payments received from a transferor plan directly to a transferee plan because of a marriage or common-law partnership breakdown" at Transfer of funds.

For more information on payments that you transfer for non-residents of Canada, see "Payments that you transfer for non-residents of Canada" at Transfer of funds.

Appendix F – Addresses of tax centres

Filers served by a tax services office on the left side of the following list should deal with the corresponding tax centre or office on the right.

Tax services offices and the corresponding tax centres

Tax Services Offices	Tax Centres
Bathurst, Kingston, Moncton, Nova Scotia, Peterborough, Saint John, Newfoundland and Labrador, St. Catharines, and Sydney	St. John's Tax Centre 290 Empire Avenue St. John's NL A1B 3Z1
Chicoutimi, Montérégie-Rive-Sud, Outaouais, Québec, Rimouski, and Trois-Rivières	Jonquière Tax Centre 2251 René-Lévesque Boulevard Jonquière QC G7S 5J1
Laval, Montréal, Ottawa, Rouyn-Noranda, Sherbrooke, and Sudbury (Northeastern Ontario Footnote 1 only)	Shawinigan-Sud Tax Centre 4695 12e Avenue Shawinigan-Sud QC G9P 5H9
Belleville, Charlottetown, Hamilton, and Kitchener/Waterloo	Summerside Tax Centre 275 Pope Road Summerside PE C1N 6A2
Sudbury (Sudbury/Nickel Belt Footnote 2 only), Toronto Centre, Toronto East, Toronto North, and Toronto West	Sudbury Tax Services Office 1050 Notre Dame Avenue Sudbury ON P3A 5C1
Calgary, Edmonton, Lethbridge, London, Red Deer, Saskatoon, Thunder Bay, Windsor, and Winnipeg	Winnipeg Tax Centre 66 Stapon Road Winnipeg MB R3C 3M2
Burnaby-Fraser, Northern B.C. and Yukon, Regina, Southern Interior B.C., Vancouver, and Vancouver Island	Surrey Tax Centre 9755 King George Boulevard Surrey BC V3T 5E1

Footnotes

Footnote 1

Northeastern Ontario includes all areas outside Sudbury/Nickel BeltI (see below) that are servced by the Sudbury Tax Services Office.

Return to footnote 1 referrer

Footnote 2

The Sudbury/Nickel Belt area includes all postal codes beginning with P3A, P3B, P3C, P3E, P3G, P3L, P3N, P3P, P3Y, and all postal codes beginning with P0M and ending with 1A0, 1B0, 1C0, 1E0, 1H0, 1J0, 1K0, 1L0, 1M0, 1N0, 1P0, 1R0, 1S0, 1T0, 1V0, 1W0, 1Y0, 2C0, 2E0, 2M0, 2R0, 2S0, 2X0, 2Y0, 3A0, 3B0, 3C0, 3E0 and 3H0.

Return to footnote 2 referrer

Online services

Handling business taxes online

Save time using the CRA’s online services for businesses. You can:

• authorize a representative, an employee, or a group of employees, who has registered with Represent a Client, for online access to your business accounts;
• request or delete authorization online through Represent a Client, if you are a representative;
• change addresses;
• file or amend information returns without a web access code;
• register for online mail, get email notifications, and view your mail online;
• authorize the withdrawal of a pre-determined amount from your bank account;
• enrol for direct deposit, update banking information, and view direct deposit transactions;
• view the status of filed returns; and
• do much more.

To register or log in to our online services, go to:

• My Business Account, if you are a business owner; or
• Represent a Client, if you are an authorized representative or employee.

For more information, go to E-services for Businesses.

Receiving your CRA mail online

You, or your representative (authorized at a level 2), can choose to receive most of your CRA mail for your business online.

When you or your representative registers for online mail, an email notification will be sent to the email address(es) provided when there is new mail available to view in My Business Account. Correspondence available through online mail will no longer be printed and mailed. To register, select the “Manage online mail” service and follow the steps.

Using our online mail service is faster and easier than managing paper correspondence.

Authorizing the withdrawal of a pre‑determined amount from your bank account

Pre‑authorized debit (PAD) is an online, self‑service, payment option. Through this option, you agree to authorize the CRA to withdraw a pre‑determined amount from your bank account to pay tax on a specific date or dates. You can set up a PAD agreement using the CRA's secure My Business Account service at My Business Account. PADs are flexible and managed by you. You can view historical records, modify, cancel, or skip a payment. For more information, go to Make a payment to the Canada Revenue Agency and select “Pre‑authorized debit.”

Electronic payments

Make your payment using;

• your financial institution’s online or telephone banking services;
• the CRA’s My Payment service at My Payment; or
• pre-authorized debit at My Business Account.

For more information on all payments options, go to Make a payment to the Canada Revenue Agency.

Related forms and publications

Forms

• NRTA1 – Authorization for Non-Resident Tax Exemption
• RC96 – Lifelong Learning Plan (LLP) Request to Withdraw Funds from an RRSP
• RC249 – Post-Death Decline in the Value of a RRIF, an Unmatured RRSP and Post-Death Increase or Decline in the Value of a PRPP
• T1036 – Home Buyers' Plan (HBP) Request to Withdraw Funds form an RRSP
• T1090 – Death of a RRIF Annuitant – Designated Benefit
• T2019 – Death of an RRSP Annuitant – Refund of Premiums or Joint Designation on the Death of a PRPP Member
• T2030 – Direct Transfer Under Subparagraph 60(l)(v)
• T2033 – Direct Transfer Under Subsection 146.3(14.1), 147.5(21) or 146(21), or Paragraph 146(16)(a) or 146.3(2)(e)
• T2151 – Direct Transfer of a Single Amount Under Subsection 147(19) or Section 147.3
• T2205 – Amounts from a Spousal or Common-law Partner RRSP, RRIF or SPP to Include in Income
• T2220 – Transfer from an RRSP, RRIF, PRPP, or SPP to Another RRSP, RRIF, PRPP or SPP on Breakdown of Marriage or Common-law Partnership
• T3RET – T3 Trust Income Tax and Information Return
• T3012A – Tax Deduction Waiver on the Refund of your Unused RRSP, PRPP, or SPP Contributions from your RRSP
• T4RIF – Statement of Income from a Registered Retirement Income Fund
• T4RSP – Statement of RRSP Income

Guides

• RC4112 – Lifelong Learning Plan (LLP) Includes Form RC96
• RC4157 – Deducting Income Tax on Pension and Other Income, and Filing the T4A Slip and Summary
• T4013 – T3 Trust Guide
• T4015 – T5 Guide – Return of Investment Income
• T4040 – RRSPs and Other Registered Plans for Retirement
• T4061 – NR4 – Non-Resident Tax Withholding, Remitting, and Reporting

Information sheets

• RC4177 – Death of an RRSP Annuitant or a PRPP Member
• RC4178 – Death of a RRIF Annuitant
• RC4460 – Registered Disability Savings Plan

Interpretation bulletins and income tax folios

• IT-320 – Qualified Investments – Trusts Governed by Registered Retirement Savings Plans, Registered Education Savings Plans and Registered Retirement Income Funds
• IT-500 – Registered Retirement Savings Plans – Death of an Annuitant
• IT-528 – Transfers of Funds Between Registered Plans
• S5-F1-C1 – Determining an Individual's Residence Status

Information circulars

• IC07-1 – Taxpayer Relief Provisions
• IC72-22 – Registered Retirement Savings Plans
• IC76-12 – Applicable rate of part XIII tax on amounts paid or credited to persons in countries with which Canada has a tax convention
• IC77-16 – Non-Resident Income Tax
• IC78-10 – Books and Records Retention/Destruction
• IC78-18 – Registered Retirement Income Funds
• IC82-2 – Social Insurance Number Legislation that Relates to the Preparation of Information Slips
• IC97-2 – Customized Forms

For more information

What if you need help?

If you need more information after reading this guide, visit our Website or call 1-800-959-5525.

Forms and publications

To get our forms and publications, go to Forms and publications or call 1-800-959-5525.

Electronic mailing lists

We can notify you by email when new information on a subject of interest to you is available on our website. To subscribe to our electronic mailing lists, go to Electronic mailing lists.

Teletypewriter (TTY) users

If you have a hearing or speech impairment and use a TTY call 1-800-665-0354 during regular business hours.

Service complaints

You can expect to be treated fairly under clear and established rules, and get a high level of service each time you deal with the Canada Revenue Agency (CRA); see the Taxpayer Bill of Rights.

If you are not satisfied with the service you received, try to resolve the matter with the CRA employee you have been dealing with or call the telephone number provided in the CRA’s correspondence. If you do not have contact information, go to Contact information.

If you still disagree with the way your concerns were addressed, you can ask to discuss the matter with the employee’s supervisor.

If you are still not satisfied, you can file a service complaint by filling out Form RC193, Service-Related Complaint. For more information, go to Make a service complaint.

If the CRA has not resolved your service-related complaint, you can submit a complaint with the Office of the Taxpayers’ Ombudsman

Reprisal complaint

If you believe that you have experienced reprisal, fill out Form RC459, Reprisal Complaint.

For more information about reprisal complaints, go to Reprisal Complaints.

Tax information videos

We have a number of tax information videos for individuals on topics such as the income tax and benefit return, the Canadian tax system, and tax measures for persons with disabilities. To watch our videos, go to Video gallery.

Date modified:

2016-10-04