Hello, I can’t find where to report RRSP withdrawal in 2018 for Lifelong learning.
There should be a spot where withdrawal fees and taxes are reported along with the amount taken right?
You set it up on the bottom of the RRSP Worksheet where you normally report RRSP contributions.
Page 3 or 4 of 4 pages to the RRSP Worksheet.
Hi Laurie, I am sure you are referring to this section of the RRSP worksheet (P3). The worksheet doe snot have an option to report however the taxes and fees for withdrawing an RRSP amount. does it?
Taxes and fees for withdrawal ?
The way I understand it, you make an application for a LLP RRSP withdrawal using form RC96 prior to the withdrawal. Much like the Homebuyer’s Plan Withdrawal, completing this form prior to the withdrawal allows the withdrawal to be made without income tax being deducted.
The issuer provides a T4RSP with the amount of the withdrawal entered in Box 25, along with an indication as to whether it was a spousal withdrawal. There should be no tax deducted.
Back to your question, “where do you report RRSP withdrawal in 2018”
You report the withdrawal in Box 25 of the T4RSP (Statement of RRSP Income) screen in TaxCycle.
Very instructive, thank you