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Transfer a foreign retirement fund to RRSP
Hi, I would like to know how to enter into my TurboTax Premium desktop that I have a foreign retirement policy and want to transfer the retirement funds to an RRSP. From my understanding, I need to report the foreign retirement funds as other income on line 13000 and report the transfer to the RRSP on line 24640 and line 20800.
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Wednesday
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Filing
Enter your foreign pension on the Foreign slip as Other Foreign Income to send it to Line 13000. Then enter the RRSP contribution, making sure to enter the transferred amount in the box "Is this RRSP contribution a designated transfer of eligible income amount? If so, enter the amount that is a designated transfer". And that should do the transfer (line 24640 on schedule 7 and line 20800 on the t1).
Friday