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wsquared
New Member

If an employer makes contributions to the company's group RRSP are those contributions considered taxable income to the employee? I've read conflicting information online

 
3 Replies

If an employer makes contributions to the company's group RRSP are those contributions considered taxable income to the employee? I've read conflicting information online

Both employer and employee may make contributions. Employee's contributions are tax deductible.
Employer's contributions to the RRSP are included in the employee's income, but are then deducted as part of the RRSP contributions deduction

When an employee leaves their job prior to retirement, their group RRSP can be cashed out (but the proceeds will be taxable), or transferred to another RRSP (tax-free).  The RRSP will not be locked-in, as it would with transfers from a registered pension plan.

alexs0l0
New Member

If an employer makes contributions to the company's group RRSP are those contributions considered taxable income to the employee? I've read conflicting information online

Okay, I understand employer contributions are reported as income on the T4, but can i still claim them as "RRSP contributions" since they are in fact contributions into RRSP and not as income.

This money is being deposited by the employer into a group RRSP account and therefore it is not income, just as the money i choose to deposit into an RRSP is not considered income? 

My question is can I claim this amount, deposited by my employer as a deposit into my RRSPs?

kaus499998
Returning Member

If an employer makes contributions to the company's group RRSP are those contributions considered taxable income to the employee? I've read conflicting information online

Where do I mention these amounts while filing tax. Currently when I am just adding this in "RRSP contribution" its recalculating and showing extra tax refund which I assume I should not get as Employee contribution has already been tax deducted at source.