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New Member
posted Oct 29, 2019 6:30:19 PM

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

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1 Best answer
Level 6
Oct 29, 2019 6:30:20 PM

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.

1 Replies
Level 6
Oct 29, 2019 6:30:20 PM

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.