How do I know if I made RRSP contributions?

I don't know the difference between RRSPs and RPPs and the contribution amounts. Please help!

Answer

A Registered Retirement Savings Plan (RRSP) allows you to save money today, and you don't have to pay taxes until you withdraw the money at a later time. You would have to contribute the money to a special account with a financial institution. In some cases, your employer may match your contributions, in which case it would be included on your T4 or T4a slip. Your financial institution will send you a receipt. You may also be able to find your contributions on the MyCRA portal if you have an account. Odds are, you would be aware if you contributed to a RRSP. The max you can contribute is 18% of your income, up to 26,500$. 


A Registered Pension Plan (RPP) is an arrangement made by your employer or union to make periodic payments to employees when they have retired. Similarly, this would be included in your T4 or T4a. 

Was this answer helpful? Yes No
Original
TurboTaxBryan , Sr. Communications Manger
Employee

No answers have been posted

More Actions

People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach:

Do you still have a question?

Ask your question to the community. Most questions get a response in about a day.

Post your question to the community