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The amount you designate for transfer to an RRSP/PRPP cannot be greater than the eligible income reported for transfer.
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October 30, 2019
12:51 AM
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Seniors and students
Do you have qualifying income reported on any of a T4, T4A, T4RIF, T4RSP (etc) that can be transferred?
October 30, 2019
12:51 AM
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Seniors and students
All I have entered is my income from employment from my t4. No other income.
October 30, 2019
12:51 AM
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Seniors and students
Then you would not be transferring any amount for RRSP purposes. Are you making a new contribution to your RRSP?
October 30, 2019
12:51 AM
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Seniors and students
Please clarify the nature of the payment you are considering to designate as a transfer. The CRA has the Guide T4040 RRSPs and Other Registered Plans for Retirement: http://www.cra-arc.gc.ca/E/pub/tg/t4040/t4040-e.html#P2464_83200 Where charts 8 & 9 discuss amounts that can be transferred either indirectly or directly.
October 30, 2019
12:51 AM
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Seniors and students
Have you transferred any funds to your registered plan? How is this being reported to you?
October 30, 2019
12:51 AM
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Seniors and students
OK. All I did was fill out my T4 income into the T4 field. Then I filled out my RRSP contribution from the RRSP tax receipts. It was only a $400 contribution. That's it.
October 30, 2019
12:51 AM
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Seniors and students
Under the "RRSP" tab > then "RRSP Profile" make sure to uncheck the box that says "Transfers to RRSP".
October 30, 2019
12:51 AM
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Seniors and students
If that box is not checked you should not see the "Transfer" area in Turbo Tax. Where are you seeing this message?
October 30, 2019
12:51 AM