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?
01847
1 Best answer
fuzzy
New Member
Oct 29, 2019 7:26:39 PM
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 The amounts withdrawn from your RRSP are included in your income and are taxed. You should receive a T4RSP slip for this showing the amount withdrawn and the amount of tax withheld
1 Replies
fuzzy
New Member
Oct 29, 2019 7:26:39 PM
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 The amounts withdrawn from your RRSP are included in your income and are taxed. You should receive a T4RSP slip for this showing the amount withdrawn and the amount of tax withheld