- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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?
Topics:
posted
October 29, 2019
7:26 PM
last updated
October 29, 2019
7:26 PM
1 Best answer
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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?
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 The amounts withdrawn from your RRSP are included in your income and are taxed. You should receive a T4RSP slip for this showing the amount withdrawn and the amount of tax withheld
October 29, 2019
7:26 PM
1 Reply
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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?
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 The amounts withdrawn from your RRSP are included in your income and are taxed. You should receive a T4RSP slip for this showing the amount withdrawn and the amount of tax withheld
October 29, 2019
7:26 PM