The T4RSP will show the amount withdrawn in Box 22 and the Tax withheld in Box 30. If you withdrew $5000 or less, the financial institution would hold 10% taxes which you can claim as tax deducted when you file your tax return and will be added to the total tax deducted to line 43700. 20% is the Tax withheld on any withdrawn amount more than $5000 to $15000, and 30% for more than $15,000. You can check this amount in your return as follow:
- If you are using the online version --> click on the arrow beside the amount of the refund on the top left corner to expand the details --> click on "view detailed tax summary" and you can check line 43700. It should include all tax deducted from all slips.
- If you are using the desktop version --> click on "Review" from the left side menu --> choose "Detailed Tax Summary" --> scroll down to "Refundable Tax Credits" and check the value of the "tax deducted". Or you can check line 43700 from the "Forms" at the top bar.
Although the Financial Institution deducts 10% of the $5000 withdrawn amount, you still have to calculate the proper taxes on this income depending on your tax bracket. It will be the federal tax bracket + the provincial tax bracket (depending on where you reside). This might result in more tax deducted from this income that previously withheld by the financial institution.
This is the guideline for reporting T4RSP
https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4079/t4rsp-t4rif-g...
I hope this was helpful
