RRSP tax receipts duplicated with RPP?

I have a 3% matching RRSP program through work.  3% is deducted from my salary weekly pay.  This 3% along with the company's matching 3% (which is not deducted from my pay) is then paid to an RRSP of my choice.  My work sends a cheque every month for the 6% contribution to my financial planner, who then puts this into my RRSP.  Seems like a bit of a complicated process.  On my T4 slip, Box 20 shows the total amount of RRSPs deducted from my pay (3%) plus any additional contributions I may have made throughout the year.  However, the issue is I get Official Income Tax Receipts for the entire 6% (plus additional contributions) and I get several of these throughout the year, each time a cheque is put into my RRSP account.  Do I total all of my Official Income Tax Receipts for my RRSP and deduct Box 20 of my T4 and report this as my RRSP contribution?  Even more confusing is that even though it's deducted weekly from my pay, the cheque may not make it to my financial planner in a timely manner.  How am I supposed to keep track of which year the contributions take place - by the tax receipts?

Seniors and students

Registered Retirement Savings Plans (RRSP) and Registered Pension Plans (RPP) are both retirement savings plans that are registered with the Canada Revenue Agency. RRSPs are individual retirement plans, while RPPs are plans established by companies to provide pensions to their employees.

The amount in Box 20 of your T4  - RPP, is only reported once, on the T4 screen in TurboTax. This amount is NOT your RRSP contributions, so do not confuse the two. 

If your employer contributes to an RRSP on your behalf, you will receive a separate RRSP Contribution slip and need to report it in the RRSP section. You may see something on your T4 in regards to this RRSP, however, it will be in Box 40 of the T4 and is already included in your income. The tax deduction for your RRSPs which are deducted from your pay and "matched" by your employer will be totalled and shown on the RRSP Contribution slip. Also when you contribute to an RRSP through work, you should receive "two" RRSP Contribution slips, one from March to December, and one for the First 60 Days of this year.

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Betsy_C
New Member

Seniors and students

How do you report on TurboTax the RRSP receipt contributed through work between 2023-01-01 and 2023-03-01 (not reported in 2022 tax year) in 2023 tax year?  Thank you.

Seniors and students

Unfortunately, the first 60 days of RRSP contributions of 2023 belong on the 2022 tax return. You will need to do an adjustment on your 2022 return. Please see our TurboTax article: How to Change Your Tax Return After You’ve Filed

 

Thank you for choosing TurboTax.

Betsy_C
New Member

Seniors and students

Thank you!