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adinahen
New Member

Is there somewhere that I need to report my TFSA, RRSP and LIRA monies that I invest? Or is this information not required for income tax reporting/returns?

 
1 Reply

Is there somewhere that I need to report my TFSA, RRSP and LIRA monies that I invest? Or is this information not required for income tax reporting/returns?

What you do inside of the listed accounts do not have to be reported. Say buying and selling securities. However, you do have to report your contributions and withdrawals to and from the RRSP. You will have to report how much you contribute and how much you withdraw (and as a consequence will pay tax on any withdrawal besides retirement or the purchase of your first home)

For the LIRA, because of the nature of this account you cannot deposit/withdraw from it and so you have nothing to report, but you can withdraw after retirement.

 

For more information, check out: TurboTax - RRSP vs. TFSA

 

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