October 30, 2019 8:27 AM
Your investor or financial advisor should let you know if you will receive any tax slips or if the transfer was "direct".
- Your employer will provide you with your commuted value when you leave the company. A portion of the commuted value can be transferred on a tax-deferred basis to a Locked-In Retirement Account (LIRA) or a Life Income Fund (LIF). No RRSP contribution room is required in order to transfer these amounts. The maximum that can be transferred is determined by the Income Tax Act, and is known as the maximum transfer value.
- If your transfer was more than the "maximum", you may receive two slips - one for the amount over the maximum, and one for an RRSP Contribution.