As per the Canada Revenue Agency (CRA) Excess amounts from a RRIF
Filling out your Income Tax and Benefit Return
Reporting the income
The excess amount directly transferred to another of your RRIFs should not be reported on your T4RIF slip. Do not report the amount transferred as income on your income tax and benefit return, and do not claim any deduction for the amount. However, if you received the payment in cash or by cheque before making the transfer, it is taxable on your return in the year it is received.
The excess amount is shown in boxes 16 and 24 of your T4RIF slip unless it is directly transferred to another RRIF for you. Report the total amount shown in box 16 on your income tax and benefit return.
Claiming a deduction
Note
If you were 65 or older on December 31 of the tax year or you received the payment due to the death of your spouse or common-law partner, the payment that you report on line 11500 of your income tax and benefit return is eligible for the pension income amount at line 31400 on Schedule 1.
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