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My late wife's estate RRSP was moved into my RRSP. I am now being assessed almost 50% of that value into tax. Is this right?
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May 23, 2020
12:09 PM
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Seniors and students
No, you should not be paying that much tax on an RRSP transferred to you.
When an RRSP is transferred due to the death of a spouse, you should receive two tax slips from the financial institution (or institutions). One of these slips is usually a T4RSP and the other should be an RRSP Contribution Slip stating it is a Designated Transfer Under Section XXX.
If you did not receive this offsetting contribution slip, you'll need to contact the institution and request it.
May 24, 2020
6:31 PM