How to deal with LRSP and RRSP losses in old accounts?

[Bqurious]

I have two very old LRSP and RRSP accounts that lost money over 20 years ago. How do I close the accounts?

I have never made an LRSP or RRSP withdrawal before so any guidance is appreciated and tax related tips too.

Do I simply withdraw the value of the accounts and declare the value?

Do I declare the amount contributed to each and the value withdrawn to close them? Perhaps that will be on the withdrawal statement from the financial institution.

Whatever the value I assume I pay taxes on it.

Thanks for your help.

[Geo123]

Hello Bqurious,

The COMMUNITY forum can not provide tax advice or tips. Please contact the CRA.

To contact CRA :
1-800-959-8281 for inquiries related to individuals.
 Telephone numbers – Canada Revenue Agency / CRA wait times:
https://www.canada.ca/en/revenue-agency/corporate/contact-information/telephone-numbers.html