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Not applicable
posted Oct 31, 2019 1:47:27 AM

What is the proper way to reflect the impact of an approved T3012A in Turbo Tax?

Over contributed to RRSP in 2016, filed a T3012A to withdraw the contributions, CRA reassessed 2016 to reduce the carry forward RRSP amounts - in theory I should be all good at this stage.  

In 2018 I received T4RSP income inclusion for the withdrawal and I am expecting to include an offsetting deduction (T746) - but I cannot figure out how to enter the deduction into Turbo Tax, without it wanting to reduce my RRSP contributions this year - which CRA has already reduced my carryforward amounts for. 

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1 Replies
Level 15
Oct 31, 2019 1:47:28 AM

To enter the offsetting deduction from the T3012A form using TurboTax which you have downloaded/installed in your computer, you need to make the entry on Line 232 of the tax return. To do so;

  • Enter your T4RSP which shows the amount in Box 20
  • Click on Deductions & Credits > Other deductions > check the box next to Other deductions (legal costs, etc)
  • Continue until you reach the page "Other Deductions" and make your entry in the specified box.

https://www.canada.ca/content/dam/cra-arc/formspubs/pbg/t3012a/t3012a-fill-18e.pdf