Tax Season in Canada
When it comes to tax season in Canada, it's essential to understand what receipts to include in your tax return.
For RRSP (Registered Retirement Savings Plan) contributions, you don't need to attach the receipt to your tax return. However, you should keep it in your records in case the CRA (Canada Revenue Agency) requests it for verification purposes.
You will receive an RRSP receipt, also known as an RRSP contribution slip, which will show the amount you contributed. This amount will be claimed on your tax return using Schedule 7, and you'll receive a tax deduction for the contribution amount.
It's always a good idea to consult the CRA website or consult a tax professional to ensure you're meeting all the requirements for your specific situation.
Hope this helps, and happy tax season!
Note: This information is general in nature and not intended to be taken as professional tax advice. It's always best to consult a tax professional or the CRA directly for personalized guidance.
so I don't need to report it in the tax return itself?
Reporting RRSP Contributions
You will need to report the RRSP contribution on your tax return, but you don't need to attach the receipt.
You'll claim the deduction on Line 20800 of your T1 General form, and you may also need to complete Schedule 7. The RRSP issuer will also provide a T4RSP slip if you withdrew funds from your RRSP, which you'll need to report on your tax return.
So, to clarify, you do need to report the RRSP contribution on your tax return, but you don't need to attach the receipt itself.
Hope this clears things up!