You have the option of allocating your contributions to many types of accounts with different tax implications. It is important that you evaluate which option best corresponds to your savings needs and objectives before making a choice.
Accounts' tax implications
Get more information about the tax implications of each account:
- View the program summary
| Your contribution room for the current year | Your contribution limit for the current year | DPSP contributions made by WSP in the previous year | Unused RRSP room | Contributions made in the previous year | ||||
| 18% of your income of the previous year without exceeding the CRA RRSP limit | Called the pension adjustment on your T4 in box 52 of the previous year | Appears on your Notice of Assessment of the year preceeding the previous year | Your RRSP and SPP-RRSP slips from March-December of the previous year and January-February of the current year |
Here are more details about the different tax slips that you will receive:
.svg){kind=icon}
- Your RRSP contributions will be shown on 2 different tax slips issued by Sun Life (one for the RRSP and one for the SPP-RRSP) twice a year (in January and in March).
- WSP contributions made to the DPSP will be shown in box 52 on the T4 slip you will receive from WSP (in February).
- You will also receive T4PS and RL-25 (Quebec residents only) tax slips from Sun Life for your investments in non-registered accounts (in February).
PlaceHolder
Alfred’s tip
While the RRSP allows you to optimize your income tax return by providing you with a tax deferral advantage, income tax applies when you withdraw your money.
On the other hand, when you contribute tax-sheltered money to the TFSA, you won’t have to pay income tax on your future withdrawals.