I reported T4RSP amounts from my deceased husband's RRSP that was transferred over to me. I reported the contribution receipt under Other Deductions. Is this correct?

I report the T4RSP as income. Where do I report the contribution since it was a transfer due to spouse's death?

Seniors and students

I'm sorry to hear of your loss.

 

You would report the contribution in the RRSP section, just like a regular RRSP contribution. But in that same section there is an option for "Transfers To RRSP". That's where you can enter the amount that was transferred to you from your husband, instead of putting it in "other deductions".

 

 

Seniors and students

Thank you so much for your help.

Seniors and students

Hello, I am in the same situation so I followed your advice above and added the amount on the T4RSP as a transfer, however it did not alter the taxes owing.  Shouldn't it cancel out?

Seniors and students

Mine did cancel out. There was a section that asked me what amount qualified as a "designated transfer" and I put the full amount of both RRSP accounts that were transferred.  That cancelled out the T4RSP income.

Seniors and students

When I entered my amount as "designated transfer" field it did not transfer out.  The only way I could get it to cancel out was to put it as an "other" in deductions.  But I'm not sure that's right either.

Seniors and students

@hadfieldwilde 

 

Please contact our phone support team as they will be able to assist you further.