My husband transferred a portion of his RRSP's from one bank insitution into another RRSP at another bank. I have entered all the information on his T4RSP, however do I also enter this as an RRSP tansfer? Otherwise it looks like it is being calculated towards his income?
the answer shown does not make it clear how to declare the transfer to another rrsp
MY income calculated so far is artificially high and my RRSP "contribution limit" is zero and the form will not allow me to show the transfer as anything other than a contribution. This seems a simple thing made complicated. please help NOW!!
To enter your RRSP transfer to another RRSP, after entering the T4RSP information, you'll need to designate that contribution to offset the income reported.
In addition to the T4RSP slip for the RRSP withdrawal, you received, you should also receive an RRSP Contribution Slip for this transfer. You'll need to enter that slip as a "Designated Transfer" in the RRSP section. The two will then offset each other, with the T4RSP included in income, and the "Contribution" claimed as an RRSP "deduction".