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posted Oct 30, 2019 9:25:09 PM

How do I report a "Designated Transfer to an RRSP" that was reported on my 2018 T4 (Box 66) but occurred in the first 60 days of 2018 (Feb).

The Turbo Tax program allows for RRSP contributions over the period:

i)   March 2 and December 31, 2018 (inclusive) that were not deducted on your 2017 tax return

ii)  Contributions made between January 1 and March 1, 2019 (inclusive)

There is no option to enter a contribution in Feb 2018. I recognize the same amount is then included further down the RRSP Screen as a designated transfer.  Please advise....Thx

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1 Replies
Level 15
Oct 30, 2019 9:25:10 PM

When a designated transfer takes places in the first 60 days of the taxation year (2018), the contribution receipt received for the transfer must be reported on the previous year's tax return (2017). So this involves a bit of extra work in order to have that transfer amount offset the income you are reporting on your 2018 tax return.

  • You'll need to "adjust" your 2017 tax return to include the 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. 
  •  Once CRA has processed your adjustment, you will be able to use the contribution amount which has been carried forward as the "designated transfer" and it will offset that income from Box 66 of your 2018 T4.