New Member

I made contributions to my RRSP's off my paycheck and my company matched them until I got laid off. If I took a payout of contributions, do I claim this as income?

Do I need to enter anything extra in my income box(es) when I chose to accept the payout from Great West Life upon termination from my employment?
New Member

Seniors and students

Yes.  The amounts withdrawn from your RRSP are included in your income and are taxed.  You should receive a T4RSP slip for this showing the amount withdrawn and the amount of tax withheld

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