Context: working for a company in Quebec (Canada) that matches RRSP contributions.
When contributing to one's RRSP, the company contributes an additional amount on top (a percentage of the employee contribution up to a fixed amount).
In tax declarations to the CRA and Revenu Québec, what should one report as RRSP contributions?
- the total amount? (employee part + company part)
- or only the employee part?
My understanding after reading [Q1] and [Q2] is that:
- the company contribution is declared as part of one's income, and as such it should be somewhere in the T4 and RL-1 slips (where?)
- one should declare the total RRSP contribution (employee + company), thereby getting a tax break corresponding to that extra income
- the CRA NoA's contribution limit is for the total contribution (employee + company) due to the reasons above
Is that correct?
Thanks!
[Q1] Do employer RRSP contributions show up as income on my T4?
[Q2] Do employer matching contributions in an RRSP count towards the contribution room?