Where do I input a rif transfer receipt which is exempt due to subparagraph 60(l)(v)?

[mark-lasby]

My mother died in 2018 and her RIF was transferred to my father. I have a RIF transfer receipt which shows the transfer is exempt under subparagraph 60(l)(v). Where do I input this information into TurboTax?

[TurboTaxKim]

Have you received two slips to reflect this transfer? You should have A T4RIF as well as a "contibution receipt".

[mark-lasby]

No I have one RIF transfer receipt that says that it is exempt under subparagraph 60(l)(v).

[TurboTaxKim · Accepted solution]

You should have a T4RIF showing a withdrawal amount, then a corresponding "receipt" showing the direct transfer which is exempt due to subparagraph 60(l)(v). Both these slips need to be reported on the tax return of the surviving spouse. 

Report the T4RIF as normal. The total Income will reflect the amount of the lump-sum being transferred, but do not worry, this amount will be deducted in the next section to arrive at the Net Income.

Report the RIF Transfer Receipt as an "RRSP Contribution" in the RRSP Profile section. You need to specify on the RRSP Contribution screen that this was a "designated transfer of on eligible income amount".

Please see the attached form from CRA that has instructions for the Transferor, Transferee and the Individual on what slips should be issued and how to report them on the income tax return.

https://www.canada.ca/content/dam/cra-arc/formspubs/pbg/t2030/t2030-fill-18e.pdf