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New Member
posted Oct 30, 2019 10:55:16 PM

I transferred $ from a HOOPP pension plan into an RRSP... this money is being counted as income and causing me to owe on my return. Is this correct?

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1 Replies
Level 15
Oct 30, 2019 10:55:18 PM

If you received a T4A, you should also receive an RRSP Contribution Slip that says "transfer". You need to report them both and "designate" the contribution as a transfer.

Report the T4A as normal. Your Total Income will reflect the amount of the lump-sum being transferred.

Report the RRSP contribution as a Transfer. The contribution will be deducted from income in the usual manner, but will not by itself reduce your remaining RRSP deduction limit.