RRSP Contributions/withdrawals

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Yann
Posts: 5
Joined: Thu Dec 13, 2012 1:33 am

RRSP Contributions/withdrawals

Post by Yann » Mon May 04, 2020 6:32 pm

So just to be clear on this, I include my RRSP contributions in my income in 1040 and taxed on it. Then when I withdraw $$ at retirement, or before if in a jam, I have to include that again on 1040? So I get taxed twice on the whole amount, not just the interest?

nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: RRSP Contributions/withdrawals

Post by nelsona » Mon May 04, 2020 8:11 pm

No, any RRSP contributions that you cannot deduct that you report as income on your 1040 comes out non-taxable when you take withdrawals.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

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