What Is Line 20700 on a Tax Return?

What line 20700 means

Line 20700 is the deduction for a registered pension plan contribution, the amount a T4 or pension receipt shows as your RPP contribution. It is not an RRSP contribution. Those are a different line.

Where to find line 20700

Find the RPP amount on the T4, then line 20700 on the T1. An RRSP receipt does not go on this line. Mixing the two is a common error when someone has both a pension at work and a personal RRSP.

Why line 20700 matters

The deduction reduces income. It does not reduce it twice. If payroll already showed the contribution and you also claim it from a second receipt, the return is wrong. Bring the T4 and any pension statement together.

Checking line 20700 on your notice of assessment

When the notice of assessment arrives, compare this line with your copy of the return. A different figure means the CRA changed a slip or a deduction. Bring the notice and the slips to the Scarborough office. If that year was already filed, the fix is a T1 adjustment, not a second filing of the same year. Keep the notice with the file. Ask which year the notice belongs to before you pay a balance. The firm quotes a six-year retention period for tax records, counted from the end of the last tax year they relate to.

Work with the Scarborough office

Kennedy Tax & Accounting Inc. prepares the return from its only office in Scarborough, near Kennedy Station. You can visit or send the slips. English, Bengali and Tamil are spoken. A CPA has led the firm since 2010. A simple personal return starts at $49.99 + HST. Other work is quoted first.

The personal return is prepared on the personal income tax page. A corporation uses the T2 service. Books are on the bookkeeping page.