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New Member

Converted a lira to a rif. reinvested as rsp.where does the rsp deduction go on income tax?

 
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New Member

Converted a lira to a rif. reinvested as rsp.where does the rsp deduction go on income tax?

The LIRA to RIF conversion is not reported as it is from one registered account to another.
The conversion to RSP must be reported as income and you should receive a T4RIF for the amount. The RSP contribution is then reported as a transfer amount to RRSP.

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New Member

Converted a lira to a rif. reinvested as rsp.where does the rsp deduction go on income tax?

The LIRA to RIF conversion is not reported as it is from one registered account to another.
The conversion to RSP must be reported as income and you should receive a T4RIF for the amount. The RSP contribution is then reported as a transfer amount to RRSP.

View solution in original post