I received a gratuity last year upon retirement. I was able to roll over the entire amount into an RRSP. How do I report this on my taxes for this year?
I received a gratuity last year upon retirement. I was able to roll over the entire amount into an RRSP. How do I report this on my taxes for this year?
I received a gratuity last year upon retirement. I was able to roll over the entire amount into an RRSP. How do I report this on my taxes for this year?
You should receive two slips for this transaction. You will be claiming this amount first as income, from a T4 (with Box 66) or possibly a T4A. Then as a deduction using the RRSP Contribution slip you receive that shows a "Direct Transfer". When you receive an "eligible retiring allowance", your RRSP Contribution Limit is not affected. The following instructions will guide you through reporting this in TurboTax:
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