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New Member
posted Oct 31, 2019 2:09:32 AM

How do I show an RRSP contribution from a retirement allowance, a direct transfer, that I made in the first 60 days of 2019 when I don't have the 2019 T4RSP yet?

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2 Replies
Level 15
Oct 31, 2019 2:09:34 AM

When a designated transfer takes places in the first 60 days of the year (2019), the contribution receipt received for the transfer must be reported on the previous taxation year (2018). 

  • You'll need to report your RRSP contribution made in the first 60 days of 2019. 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 2019 tax return, you will have the T4RSP to report as income, and can then apply the carried forward amount as a "designated transfer" to offset that income.

New Member
Mar 10, 2020 11:54:59 AM

Hello,

 

I received my Retirement allowance in June 2019.  I rolled a designated portion approved by CRA to my RRSP in Sept 2019.

How do I show that I made the approve RRSP contribution in my 2019 tax report. It my understanding it was Cost neutral because I was exempt from tax deductions.

 

Not sure how to enter this into my Turbo Tax Premier