RRSP/RPP

[Radovan1]

Hi everyone! Silly question. I have included the RRSP amount from line 20 from the T4 amount, do I now include that amount again on the RRSP firm as well?

[TurboTaxAllen]

Hello,

For clarity the amount reported in Box 20 of a T4 is the Registered Pension Plan (RPP) contributions you made that are deductible.  They are reported on line 207 of your T1 tax return.  For your RRSP contributions you would receive a RRSP contribution receipt, these amounts are claimed by you on your tax return line 208.   It is possible that you are participating in a matching plan, where your contributions to the RPP are matched by the employer who makes contributions on your behalf to your group RRSP. The employer's contributions are reported as income to you on your T4 and the RRSP issuer would send you the RRSP receipt in your name. In all the stated cases, you are reporting RRSP contributions and RPP contributions separately. The T4 is reported in the Income section > T-Slips of the left-side menu, and the RRSPs in the following section in the left-side menu under RRSPs.

[KateTax152]

That is SO not a stupid question.  I have exactly the same question.  Thanks for asking already !

[TDuong1]

So....do I claim box 20 as well as the RRSP contributions (rest of the year + first 60 days)? 

It feels like I am double dipping as the T4 for box 20 shows my contribution to the RPP but this amount is also reflected in my RRSP contribution forms.  Thank you.

[TurboTaxAllen]

When you enter the T4 box information you will see the Box 20 RPP (Registered Pension Plan contributions) report on line 20700 of your tax return.  Your RRSP receipts you report will show on line 20800 of your tax return. 

Additionally, Line 20600 report the value of your RPP benefits which will reduce your RRSP deduction Limit in the following tax year, this is the Pension Adjustment reported in Box 52 of your T4.

So, you are not double dipping, they are integrated but not overlapping in the same year.

Have a look at the T4040 RRSPs and Other Registered Plans for Retirement for more information on RPPs and RRSPs. 

https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4040/rrsps-other-r...