Thank you for your reply. I have a few quick follow up questions on this topic, as I want to make sure the fields are input correctly in the RRSP section:
- I was not provided a contribution receipt for this transfer. The receiving financial institution stated that because this lump sum amount was already in a registered account (RPP) before moving to the RRSP, a contribution receipt is not provided, the amount cannot be deducted from my income and it would not impact my contribution room.
- Do they have this correct, or should I get a tax deduction by classifying the transfer as a contribution and carrying forward the amount in box 66 of the 2020 filing (as stated in your reply)?
- Form T2151 from the CRA is for direct transfers from a RPP to RRSP. I did not use this and just submitted the form provided by the financial institution (CRA states this is an acceptable alternative), but it seems the T2151 form seems to serve the same purpose (RPP to RRSP). On the second page of this form, the "Transfers from an RPP" instructions state the following: "Do not include the amount that you transfer under any of subsections 147.3(1) to (8) in the income of the person for whom you make the transfer. Also that person cannot deduct the amount transferred. Do not issue a T4A slip or a receipt for the amount."
- Does this apply in my situation or is this form tailor to a specific set of transactions? If I classify it as a contribution for my 2019 return and then specify that it is a designated transfer in my 2020 filing (as was stated in the initial reply), wouldn't the amount be deducted from my income in 2019?
Your guidance thus far has helped as I try to understand the RRSP error I am receiving, so please let me know your inputs when you have a chance. Thanks again.
