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Level 2
posted Mar 31, 2020 8:30:23 PM

Can I report transfer from RIF to RRSP in Feb.2020 -receipt 2019 / issued for a transfer under section 60LV processed within first 60 days of 2020.

I will receive an offseting T4RIF tax slip for 2020 tax year later in the year.Haw to report this on income tax

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1 Replies
Level 15
Apr 17, 2020 5:33:48 PM

When a designated transfer takes places in the first 60 days of the year (2020), the contribution receipt received for the transfer must be reported on the previous taxation year (2019). 

  • You'll need to report your RRSP contribution made in the first 60 days of 2018. Do not report it as a designated transfer, report it as contribution.
  •  The RRSP contribution amount is not deducted, but carried forward to the following year.  This way it does not reduce the contribution room, and is available the following year for the designated transfer. 
  •  When you file your 2020 tax return, you will have the T4RIF slip to report as income, and can then apply the carried forward amount as a "designated transfer" to offset that income.