I have a t4rsp and tax receipt from a deceased spouse's rrsp that was reinvested or rolled over into rrsps, where is this amount entered to cancel it out as being income.

 

Seniors and students

You will enter the T4RSP slip as provided and then in the RRSP section select contributions made. The contribution screen (screen shot) will include a section to provide the amount that was transferred to the beneficiaries RRSP. 

NOTE: Include the contribution receipt total and the amount that has been designated as a transfer.

Seniors and students

Unless the surviving spouse is designated as the beneficiary on the RRSP contract then the deceased spouse has been deemed to have received the fair market value of the tax deferred assets held within the RRSP.  Income is also reported after the date of death to the estate or the beneficiary depending on the particulars. The T4RSP may be reporting that amount.  You can confirm the nature of the reporting with the financial institution issuing the income slip.  A surviving spouse may defer the income inclusion by transferring the amount to their RRSP as a refund of premium, using form T2019.  There is income tax reporting on the T1 General for both the decedent and the beneficiary to effect that claim.

For your reference: RC4177 Death of an RRSP Annuitant URL: https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4177-fact-sheet-d...

Seniors and students

Thanks for the additional clarity TurboTax Allen.

Seniors and students

Thank you Terry and Allen
Sophiecr
Returning Member

Seniors and students

Hello, 

 

I am preparing the tax return for a deceased individual and his spouse as follows: 

- the husband passed away in June 2021

- the rrsp was rolled over to the surviving spouse (beneficiary) in October 2021

- the bank issued a 2021 t4rsp in the deceased individual's name (box 34) 

-the surviving spouse received a 2021 rrsp contribution slip reflecting the t4rsp issued to the deceased spouse 

This seems like an error? 

In order for the bank to correct the situation - the t4rsp slip should be issued in the surviving spouse's name correct?