📄 CRA Guide T4079 – Filing the T4RSP and T4RIF Information Returns
The T4079 Guide published by the Canada Revenue Agency (CRA) explains how financial institutions and plan administrators must report transactions related to Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs).
The official document is available here: CRA Guide T4079 – Filing the T4RSP and T4RIF information returns .
The guide describes how to prepare and submit the T4RSP slip, the T4RIF slip, and their corresponding summaries, which report retirement plan payments and related tax information to the CRA.
📌 Purpose of T4RSP and T4RIF Slips
T4RSP and T4RIF information returns are used to report payments or amounts from retirement savings plans that must be included in a taxpayer’s income or reported on related schedules.
- T4RSP – reports amounts withdrawn or paid from an RRSP.
- T4RIF – reports payments made from a RRIF.
- Summary forms – report totals of all slips submitted by a payer.
These slips help taxpayers complete their personal tax return and related forms such as Schedule 7 (RRSP contributions and transfers).
🏦 Who Must File T4RSP and T4RIF Returns
Organizations responsible for retirement plans must file these information returns, including:
- Financial institutions
- RRSP issuers or carriers
- RRIF administrators
- Trustees managing registered retirement plans
They must report payments made to residents of Canada and provide recipients with the corresponding tax slip.
📅 Filing Deadline
The information return must be filed with the CRA by the last day of February following the calendar year being reported.
If the due date falls on a weekend, the deadline moves to the next business day.
💻 Methods of Filing
The CRA strongly encourages electronic filing of information returns. Available methods include:
- 🌐 Internet File Transfer (XML)
- 🖥️ CRA Web Forms application
- 📄 Paper filing (only if 5 or fewer slips are submitted)
If more than five slips are filed for a calendar year, the return must be submitted electronically.
📊 Components of an Information Return
A complete T4RSP or T4RIF information return includes:
- Individual tax slips for each recipient
- A T4RSP Summary or T4RIF Summary showing totals
- Supporting reporting information for the payer
The summary form aggregates all amounts reported on the individual slips and must match those totals exactly.
🧾 Information Required on the Slips
When completing T4RSP or T4RIF slips, payers must include:
- Recipient identification information
- Payments made from the retirement plan
- Income tax withheld
- Transfers or designated benefits
- Other applicable tax reporting fields
All amounts must be reported in Canadian dollars and cents, even if the original transaction was made in another currency.
⚠️ Penalties and Interest
The CRA may apply penalties for failing to file or for filing late information returns.
Examples include:
- Late-filing penalties
- Penalties for missing or incorrect information
- Interest charges on unpaid balances
Interest on outstanding amounts is calculated daily at prescribed rates.
🧑⚖️ Special Situations Covered in the Guide
The T4079 guide also provides rules for specific scenarios related to retirement plans:
- Death of an RRSP or RRIF annuitant
- Transfers between registered plans
- Payments to non-residents of Canada
- Calculation of designated benefits
- Minimum withdrawal requirements for RRIFs
These rules ensure that retirement plan payments are reported correctly under the Income Tax Act.
📚 Related CRA Forms and Resources
- T4RSP Slip – Statement of RRSP Income
- T4RIF Slip – Statement of Income from a RRIF
- CRA Forms and Publications
✔️ Summary: The CRA T4079 guide explains how financial institutions must report payments from RRSPs and RRIFs using T4RSP and T4RIF slips. It includes instructions on filing methods, deadlines, penalties, and how to prepare summaries and individual tax slips.
