I am confused by this response. I have a similar situation where I received a lump sum amount from my employer and was given to be Jan 2020. Some amount of that was eligible as per CRA guidelines:
The amount that is eligible for transfer under paragraph 60(j.1) of the Income Tax Act (the Act) is limited to:
- $2,000 for each year or part of a year before 1996 that the employee or former employee worked for you (or a person related to you)
So let's assume it was $10,000. My Bank then took that money and put it in my RRSP Account pursuant to 60(j). I received a RRSP contribution slip for the $10,000 as transferred to my RRSP in the first 60 days of 2020. Now my contribution room for 2019 tax year is say $6,000. TurboTax is automatically taking $4,000 (the excess) and transferring it to be used for 2020 tax year.
Why would my employer issue a T4RSP for 2020 tax year? I don't think they would. I called CRA and they told I want to see the $10,000 on line 14 of Schedule 7. In order for that to happen I need to specify in TurboTax on the RRSP panel that the $10,000 is a DESIGNATED TRANSFER. All is fine till I go NETFILE and then TurboTax flags it as an error as my contribution is more than eligible.
What am I doing wrong?