How do I enter an RRSP contribution that was transferred directly from my employer to my RRSP, this is classified as a retiring allowance transfer. This should mean it is deducted from my employment income to calculate taxable income, before taxes are calculated - correct me if I am wrong here.I have entered the transfer amount when entering my T4 using Box 66 - which is the correct treatment according to CRA. I have also entered a RRSP contribution and entered the amount in the Designated Income Transfer box. The result was the amount did not get deducted from my taxable earnings. Do I also need to enter it in the contribution line - if I do this it still does not deduct the amount from employment income to calculate taxable income? I am starting to think this is a TurboTax calculation error, how do I report that ? THANKS SO MUCH, in advance.
Our understanding of your situation is:
- You received a transfer from your employer into your RRSP and this amount is on your T4 box 66.
- You entered your RRSP contribution receipt in the RRSP section.
The amounts reported as retiring allowances should not be reported in box 14. On the contribution RRSP receipt include this amount transferred by your employer or not?
Thank you for choosing TurboTax.