Box 22 – Other income or deductions

Although an annuitant has to include certain amounts in income, he or she can deduct other amounts. Calculate the income and deductions identified below, and enter the difference in box 22. If the deductions are greater than the income, enter the difference in brackets.

Include the following amounts in the income of an annuitant of a trusteed RRIF:

• the fair market value (FMV) of the property when it began to be used as security for a loan, if the trustee used any of the trust's property as security for a loan or allowed any of its property to be used as security for a loan during the year;
• twice the difference between the FMV of a property and its proceeds of disposition, if the trustee disposed of the property during the year and the proceeds of disposition were nil or less than the FMV of the property when the trustee disposed of it; and
• twice the difference between the acquisition cost of the property and its FMV, if the trustee acquired the property during the year and its acquisition cost is greater than the FMV of the property when it was acquired.

The annuitant of a trusteed RRIF can deduct the following two amounts in calculating income:

• If the trustee disposed of a property during the year, and it was a non-qualified investment when it was acquired, the annuitant of a trusteed RRIF can deduct the lesser of the following two amounts in calculating income:
  • the FMV of the non-qualified property when it was acquired, if a carrier reported that amount as income of the annuitant; and
  • the proceeds of disposition of the non-qualified property.

  Note

  The deduction applies if the non-qualified investment being disposed of was acquired before March 23, 2011.

• If the trustee used any of the property as security for a loan, or allowed any of the property to be used as security for a loan, and the loan is extinguished during the year, the difference between:
  • the amount a carrier previously reported as the annuitant's income because the property was used as security for the loan; and
  • any loss incurred as a result of the property being used as security for the loan. When you calculate such a loss, do not use the interest part of any loan payments the RRIF trust made or any decrease in value of the property used as security for the loan.

If the annuitant under a RRIF dies, you may have to include in box 22 part or all of the income earned in the RRIF after the annuitant's date of death that was paid to another beneficiary. For information on situations that arise when an annuitant under a RRIF dies, see Beneficiary of the RRIF property.

Enter the amount rolled over from a deceased annuitant's RRIF that was rolled over to a registered disability savings plan. For more information, see Information Sheet RC4178, Death of a RRIF Annuitant.

Date modified:

2016-11-09