My wife's T4RIF was transferred into my T4RIF when she died. I have received a T4RIF for her account with entries in Box 16 (Taxable Amounts) and box 24 (Excess Amount). I have also received a form RRSP Contribution Receipt from my (our) Investment company. This form is for the Transfer Under Section 60L 2023 and is to be attached to the T4RIF when I submit the T4RIF with my 2023 Tax documents. I have noticed that on my T4RIF form the amount in box 16 has a greater value than that in box 24. The box 24 is the value of the fund when it was transferred to me. I believe the difference between box 16 and box 24 represents the amount of taxable payments received in the year.(as described on the back of the T4RIF form). Unfortunately if I enter the amounts on the T4RIF form on line 18 or 20 Turbo tax treats these as income. This results in an increase in tax payable which I would be forced to send in with my Tax Return. I have contemplated just entering the difference between box 16 and box 24 on line 16 of the form but do not want to be penalized if I send in the incorrect information. Does anyone know what is the correct procedure?
