Is there a difference between entering a portion of severance received as an RRSP contribution as opposed to a 'designated transfer'?

[TurbotaxRobert · Accepted solution]

A "designated transfer" applies when a taxpayer receives eligible retirement income that qualifies for a direct transfer to an RRSP and, in this circumstance, the RRSP contribution is not affected by the RRSP contribution limit that the taxpayer may have for that year.  It also does not impact on the RRSP Contribution limit calculation for the year.