If you are a participant in an RPP, you can deduct your employee contributions from your income on line 20700 of your return. The income earned by the plan is not taxable and you are not required to report it.
However, when you retire and begin to receive benefits from the plan, you will then need to include these payments in your income for the year when they are received. You either declare the income on line 11500 if you are receiving an annuity income which is a periodic payment or on line 13000 if you are receiving a lump-sum payment.
If you have any further clarifications, our experts are here to help.
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