T4RIF: Statement of Income from a Registered Retirement Income Fund

What’s in this article?

 

What is this?

A T4RIF is issued to a taxpayer who held a Registered Retirement Income Fund (RRIF) in the year and either received payments from it or is considered to have been paid from the RRIF because the taxpayer died. If you are a resident of Québec, you will receive an RL-2 slip that reports the taxable benefits received from a RRIF.

The box numbers on your T4RIF slip correspond to certain line numbers on your return. Information on each box number is given below:

Box Number Description

Box 12 - Social insurance number

This is the social insurance number (SIN) of the recipient.

Box 14 - Contract number

This is the contract number of the RRIF.

Box 16 - Taxable amounts

This is the taxable amount from the RRIF paid to you or to another beneficiary in the year.

Box 18 - Amounts deemed received by the annuitant – Deceased

This is the amount from the RRIF that a deceased annuitant is considered to have received and is an amount equal to the fair market value of the RRIF at the time of the death. In certain situations, a T4RIF slip may not be issued in the deceased annuitant’s name. Click this link for more information.

Box 20 - Amounts deemed received by the annuitant – Deregistration

This is the taxable amount from the RRIF paid to you or to another beneficiary in the year.

Box 22 – Other income or deductions

This amount is the difference between certain income amounts of an annuitant of a trusteed RRIF and the amount he or she can deduct. If the deductions are greater than the income, the amount is shown in brackets. 

Box 24 – Excess amount

The terms of a RRIF contract may allow a payment to the annuitant to be over the minimum amount. The excess amount is shown in this box. The minimum amount plus the excess amount can also be shown in box 16. 

Box 26 and 32

Box 26 indicates if the contributor to the RRIF is a spousal or common-law partner. A RRIF can receive payments or transfers of property from a spousal or common-law partner RRSP. Box 32 shows the spouse’s or common-law partner’s social insurance number. 

Box 28 – Income tax deducted

This is the amount of income tax deducted in the year. Income tax is not withheld from the minimum amount but is deducted from the excess amount paid to the annuitant during his or her lifetime.

Box 30 – Year, month, day

 

This is the annuitant’s date of death.

 

Box 35 – Transfers on breakdown of marriage or common-law partnership

 

This is the amount transferred under a court judgement or written agreement relating to the division of property between an individual’s current or former spouse or common-law partner in settlement due to a breakdown of the relationship. The social insurance number of person receiving the funds is shown in box 32. 

 

Box 36 – Tax-paid amount

 

This is the tax-paid amount paid to certain beneficiaries from trusteed RRIFs, for deaths that occurring in 1993 or later years. This amount is used to calculate the amount that has to be reported on the deceased annuitant’s final return.

 

Box 60 – Name of payer (carrier) of fund

 

This is the name of the RRIF payer (carrier) who remits the withholding tax and whose account number is shown in box 61.

 

Box 61 – Account number

 

This is the RRIF payer’s (carrier) 15-character account number.

 

Am I eligible?

If you received a T4RIF slip for income received from a RRIF, you must report the amounts from the slip on your income tax return.

 

Where do I claim this?

Follow these steps in H&R Block’s tax software to file your 2015 taxes:

1. Click the PREPARE tab.
2. Click the YOUR YEAR IN REVIEW icon. You will find yourself here:


3. Select the checkbox I received retirement income or I was retired or over 65.
4. Scroll to the bottom of the page and click Continue.
5. You will find yourself on the PREPARE tab. Click the RETIREMENT INCOME icon.
6. Under the RETIREMENT section, select the checkbox for T4RIF: Statement of income from a registered retirement income fund.
7. Scroll to the bottom of the page and click Continue.

When you arrive at the page for the T4RIF: Statement of income from a registered retirement income fund, enter your information into the tax software.

 

Where can I learn more?