How to report the direct transfer between registered plans using Turbotax Online when the RRSP contribution was reported on the prior year return and carried forward as an unused RRSP contribution
T4RIF - enter the amount transferred and reported in box 24 according to the plan the funds were transferred to, in this case you’ll enter the amount transferred in the field labelled “Transferred to an RRSP”. *If you received more income from this RIF that was not transferred directly, you’ll enter the amount in excess of the transfer as a “withdrawal payment".*
In the RRSP profile, check the following boxes:
- Have unused RRSP contribution from prior years
- Transfers to RRSPs
Confirm the unused RRSP contribution indicated is correct, or select “Yes” to change the amount to match the amount reported on your Notice of Assessment or Reassessment.
If reported as explained above in the T4RIF, the “Transfers to RRSPs” screen will indicate the amount available to transfer as “The amount of eligible income that has automatically calculated as a designated transfer”.
The T4RIF income will report on line 13000, while the deduction resulting from the direct transfer will be found on line 20800.
