Wondering if anyone can clarify, I contribute to a group RRSP through payroll deductions. When I file my taxes, it asks for RRSP contributions, when I put the amount of payroll contributions on my slip my refund increases - this seems wrong like I’m claiming double contributions. Are these payroll deductions listed anywhere else on my T4, or should I just not include them on my tax return?
When you enter your RRSP contributions, the software automatically takes the maximum amount that you can deduct. You can change the amount that you are deducting in the RRSP section.
Thanks for the reply, maybe I should have worded my question better.
With group RRSP payroll contributions I understand I make an instant tax saving per cheque, but then could I also make another tax saving at the end of the year when filing taxes? Or have these payroll contributions been accounted for and I’m adding them again to claim twice?
The contributions you made through payroll come from your T4 slip, and don't need to be entered again. If you enter your own contributions, then those will combine with the T4 contributions in the RRSP section.
Box 20 – RPP contributions: Report the total amount the employee contributed to a registered pension plan (RPP). Include instalment interest (for example, interest charged to buy back service).
If your RRSP contributions are not on your T4 slip, then you should have gotten a Group RRSP Contribution receipt.
Yes I have a contribution receipt, and that’s the issue. I thought I was getting an instant lowering of taxes through payroll deductions, and now I enter my RRSP deductions through the software and my refund increases significantly. So was I not getting a tax deduction per pay period, and now I am getting it? Or am I getting a small reduction per pay period, and the full reduction now?
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