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T5008 and R18 reporting capital gains on bank transfer to RRSP

Hi

 

I am from Québec 

I have made a contribution to my RRSP by having the bank transfer money from my tfsa to a non registered account, then from a non registered account to my rrsp account. The transfers were done same day thus no capital gain.

 

When I upload my documents from CRA, it uploads the T-5008 and R-18 as capital gains.

 

since my transfer from tsfa to rrsp had to be technically done by the bank through a non registered accountant how do I enter this in turbo taxes to not being charged capital gains???

 

thanks

1 Reply

T5008 and R18 reporting capital gains on bank transfer to RRSP

Yes, you can take out money from your TFSA account and that will be tax free, but once you put that money into a non-registered account, it's no longer TFSA money, it's just normal money.

 

And if you sell shares in a non-registered account, you will have capital gains (or losses), even if you take the money from the sale and transfer it to a non-registered account like an RRSP.

 

 

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