It seems Boxes 14 and 15 are reversed on the Schedule 7.
The Eligible Retiring Allowance reported in box 14 of the schedule 7 reflects your amount transferred and is reported on your RRSP Contribution receipt as a contribution and transfer amount. The amount reported in box 15 is your RRSP contributions you are claiming for deduction and is exclusively reported as a contribution. If in the TurboTax you are not reporting the RRSP contribution amount as a transfer, as it is reported on your RRSP contribution receipt, it will not be reported on the Schedule 7 as an Eligible Transfer amount. The T4 amounts reported by your employer in box 66 reflect the amounts paid out that are eligible retiring allowances, whether these amounts are paid directly to an RRSP as a transfer amount or not. An individual can receive the severance payment in full and contribute the eligible Retiring Allowance portion in the RRSP contribution year and still claim the amount as an Eligible Retiring Allowance, and informing the finaincial institution that the amount is an eligible retiring allowance would be beneficial. They would have to claim the amount on the TurboTax RRSP contribution receipt as a Designated Transfer of eligible income.
The Eligible Retiring Allowance reported in box 14 of the schedule 7 reflects your amount transferred and is reported on your RRSP Contribution receipt as a contribution and transfer amount. The amount reported in box 15 is your RRSP contributions you are claiming for deduction and is exclusively reported as a contribution. If in the TurboTax you are not reporting the RRSP contribution amount as a transfer, as it is reported on your RRSP contribution receipt, it will not be reported on the Schedule 7 as an Eligible Transfer amount. The T4 amounts reported by your employer in box 66 reflect the amounts paid out that are eligible retiring allowances, whether these amounts are paid directly to an RRSP as a transfer amount or not. An individual can receive the severance payment in full and contribute the eligible Retiring Allowance portion in the RRSP contribution year and still claim the amount as an Eligible Retiring Allowance, and informing the finaincial institution that the amount is an eligible retiring allowance would be beneficial. They would have to claim the amount on the TurboTax RRSP contribution receipt as a Designated Transfer of eligible income.
lidiabad
Level 2
larryg64
New Member
monfort512
New Member
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