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Percy
Returning Member

My retirement allowance was directly deposited to my RRSP mid-Jan 2019. I have no T4/T4RSP with box 66 Retiring Allowance. Turbotax is flagging an error. Help?

Yes...it definitely will be cheaper than an accountant.   I used the basic Turbo Tax this year and it was fine.  It was just that one time with the RRSP reporting that I had trouble.  You can also upgrade to a higher version of Turbo Tax where they provide you with online help.  I forget the cost, but not too expensive...again cheaper than an accountant.  I do find Turbo Tax free easy to use, but when you do run into a snag, it's better to have the assistance of a tax expert which I think you get in the paid versions.  Good luck!

LTL1966
Returning Member

My retirement allowance was directly deposited to my RRSP mid-Jan 2019. I have no T4/T4RSP with box 66 Retiring Allowance. Turbotax is flagging an error. Help?

I been buying the TurboTax Premier Edition (which is an upgrade version) for several years now. But always the CD version, first year with the Online version.

 

Thought that the CD version will solve my problem but sadly, no. The CD version allow us to modify the form but the field itself (line 24640 - transfer amount) is not modifiable, it can only be imported from the contribution screen. But since the contribution was done last year, nothing to import.

 

But i was lucky, i did find a solution.

- First, i have to change the 2021 RRSP/PRPP deduction limit by adding the transfer amount. So i bypass the problem by increasing the deduction limit by overriding it.

- Second, i have to send to CRA (via my account), Schedule 7 with the transfer amount (T4 - Box 66). CRA provides us with fillable form, so it is easily done and easily sent.

 

I did call CRA for validation and got the green light. Problem finally solved without any extra cost. It looks like "Lady Luck" was on my side.

 

Thanks for your help and encouragement!!!