Tax implications

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


Take a look at the tax implications of each account:

Here are more details about the different tax slips that you will receive:

  • 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 (January and 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 tax slips from Sun Life for your investments in non-registered accounts (in January).

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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.