RRSPs, TFSAs, and Your Tax Return: Deductions, Slips, and Deadlines
RRSPs and TFSAs touch your tax return in very different ways. An RRSP contribution reduces your taxable income and must be claimed on the return. A TFSA contribution does nothing on the return at all — it is invisible to the CRA until you take money out, and even then the withdrawal is tax-free. The slips are different too, and so are the deadlines. This guide walks through what goes where.
In short
RRSP contributions are deducted on your return using Schedule 7, and RRSP and RRIF withdrawals are reported on T4RSP and T4RIF slips. TFSA contributions are not deducted and there is no slip for them — your institution reports TFSA activity to the CRA, and your room is shown in CRA My Account. RRSP room is shown on your Notice of Assessment and in CRA My Account.
Claiming the RRSP deduction
RRSP contributions are claimed on Schedule 7 of your tax return. You can claim contributions made during the tax year and in the first 60 days of the following year — for the 2026 tax year, that means contributions made by 1 March 2027. You do not have to claim the whole deduction in the year you contribute: you can carry an unused deduction forward to a later year, when your income — and your tax rate — may be higher. That is a useful option if you contributed in a low-income year and expect a higher income soon.
The slips
RRSP withdrawals come with a T4RSP slip, and RRIF payments come with a T4RIF slip. Both slips show the amounts you received and the tax withheld, and both amounts go on your return as income. TFSA withdrawals come with no slip at all, because they are not taxable. Your financial institution reports TFSA contributions and withdrawals to the CRA, but you do not receive a slip for them and you do not report them.
Where your room is shown
Your RRSP deduction limit is printed on your Notice of Assessment after you file, and it is shown in CRA My Account. Your TFSA room is shown in CRA My Account under RRSP and TFSA information. The CRA's TFSA figure can lag behind reality, because institutions report on their own schedule — keep your own record of contributions and withdrawals, and do not rely on the CRA figure alone before contributing.
Repayments on Schedule 7
Home Buyers' Plan and Lifelong Learning Plan repayments are also designated on Schedule 7. They are RRSP contributions, but they are not deductible and they do not use RRSP room. If you repay less than the minimum in a year, the shortfall is added to your income — for the Home Buyers' Plan, on line 12900. The Home Buyers' Plan and Lifelong Learning Plan guides explain the schedules in full.
Deadlines to remember
| What | Deadline |
|---|---|
| RRSP contributions for the 2026 tax year | 1 March 2027 |
| Last RRSP contribution ever | 31 December of the year you turn 71 |
| RRSP must be matured | 31 December of the year you turn 71 |
| First RRIF minimum | The year after the RRIF is opened |
Sources: Canada Revenue Agency, RRSP, Canada Revenue Agency, TFSA.