RRSP questions and answers

RRSP contribution deadline is the first business day of March - March 1, 2023. 


Tax slips and statements

Q. Do I have access to 2022 tax year documents through fidelity.ca?

A. Yes: if you have a login profile, you will have access to all applicable tax documents since the inception of your account.

Q. I do not have a login profile on fidelity.ca and I need 2022 tax year duplicate documents. Where do I obtain these duplicate documents?

A. You can obtain 2022 tax year duplicate documents by contacting our Client Relations department at 1 800 263-4077. We are ready to support you from Monday to Friday, between the hours of 8:00 a.m. and 8:00 p.m. ET.

Q. I believe the information on my tax documents is incorrect. Where should I communicate my concerns?

A. You can contact our Client Relations department at 1 800 263-4077. We are ready to support you from Monday to Friday, between the hours of 8:00 a.m. and 8:00 p.m., ET.



Q. How can I determine how much I can contribute to my RRSP account?

A. The amount you can contribute, or your “contribution room,” is determined by your earned income. Your yearly contribution room is based on 18% of your previous year’s earned income, less any pension adjustment. The annual dollar limit varies from year to year: it’s $29,210 for 2022 and it will be $30,780 for 2023.

Thereafter, the limit will be indexed to average wage growth. Keep in mind that unused contribution room can be carried forward indefinitely to future years. CRA will advise you, by notice of assessment, of your contribution room.

For more information, visit the CRA website.

Q. I have over-contributed to my RRSP account and I am facing penalties from CRA. How can I correct this?

A. To correct this, you can complete a T3012A form and submit it to CRA. Upon approval, you can submit this form to Fidelity and withdraw the applicable amount, without incurring withholding taxes.

Q. I need to withdraw money from my RRSP account. What is the minimum withholding tax rate applicable to this transaction?

A. Withholding tax rates are based on the gross amount of the withdrawal. The following mandatory minimum withholding tax rates are applicable:*

Withdrawal Withholding tax rates Quebec withholding tax rates
$0.00—$5,000.00 10% 20% (5% Fed + 15% Provincial)
$5,000.01—$15,000.00 20% 25% (10% Fed +15% Provincial)
$15,000.01 and over 30% 30% (15% Fed + 15% Provincial)


 * Mandatory minimum withholding tax rates for Canadian residents. The above are withholding tax rates, the amount withheld will be applied towards the actual taxes owing calculated with your personal tax return.

Q. Is there a way to withdraw from my RRSP without paying taxes?

A. Yes, there are two special options that allow you to withdraw from your RRSP without paying taxes or including the withdrawals in income when you file your taxes.

Q. I withdrew funds from my Fidelity RRSP account for the Home Buyers Plan/Life Long Learns Plan. I am now required to commence repayments. Do I have to repay the Fidelity RRSP account from which I took the funds, or can I contribute to any one of my RRSP accounts?

A. Repayments under the Home Buyers Plan/Life Long Learns Plan can be made to any of your RRSP accounts. It does not have to be to the same RRSP account from which you made the withdrawals.

Q. I have special permission from CRA that allows me to withdraw funds from my RRSP account without incurring withholding tax. Can Fidelity accommodate this?

A. Fidelity does not administer any special tax treatment for individual unitholders. Fidelity will apply standard tax rules based on CRA guidelines, and it is up to individual unitholders to apply to the CRA for any special tax considerations. when they do their tax returns.

Q. I would like to apply for an RRSP loan. Can I apply for this loan through Fidelity?

A. Fidelity does not offer RRSP loans. 


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