What information do I enter if I have a designated transfer from RRIF to RRSP in the first 60 days of the year?

[hcf833]

Since the transfer happened in the first 60 days of the year, I received an RRSP receipt showing it as a "designated transfer under section 60L(v)", but no T4RIF. With only the RRSP receipt entered into TurboTax (by automated download from CRA), TurboTax forces an RRSP deduction (giving me an inflated return) and also gives me an eFile error.

I have found an answer to a similar situation where someone with a retiring allowance during the first 60 days faced the same problem, having the RRSP receipt with no T4 showing the income.  

The advice provided was to enter the RRSP receipt as a normal RRSP contribution, not a designated amount, and NOT take an RRSP deduction. Then next year, when the T4RIF is issued, deduct the RRSP amount, showing it as a designated amount.

Does this same solution apply to a designated RRIF-to-RRSP transfer during the first 60 days of the year?

[TurboTaxKim · Accepted solution]

When a designated transfer takes places in the first 60 days of the year (2019), the contribution receipt received for the transfer must be reported on the previous taxation year (2018). 

• You'll need to report your RRSP contribution made in the first 60 days of 2019. Do not report it as a designated transfer, report it as contribution.

•  The RRSP contribution amount is not deducted, but carried forward to the following year.  This way it does not reduce the contribution room, and is available the following year for the designated transfer. 

•  When you file your 2019 tax return, you will have the T4/T4RSP/T4RIF to report as income, and can then apply the carried forward amount as a "designated transfer" to offset that income.

[hcf833]

Many thanks for your amazingly fast response!