My late wife's estate RRSP was moved into my RRSP. I am now being assessed almost 50% of that value into tax. Is this right?
No, you should not be paying that much tax on an RRSP transferred to you.
When an RRSP is transferred due to the death of a spouse, you should receive two tax slips from the financial institution (or institutions). One of these slips is usually a T4RSP and the other should be an RRSP Contribution Slip stating it is a Designated Transfer Under Section XXX.
If you did not receive this offsetting contribution slip, you'll need to contact the institution and request it.
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.
Sign In
Canada (English)
EN
