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yaozhuying
New Member

Spouse passed away 2019, need help on how to record RRSP (estate acount) to the wife RRSP account..... Thanks!

 
2 Replies
TurboTaxBrenda1
Moderator

Spouse passed away 2019, need help on how to record RRSP (estate acount) to the wife RRSP account..... Thanks!

Sorry to hear about the passing of a loved one. 

 

As per CRA

Spouse or common-law partner is the sole beneficiary of the RRSP – We do not consider the deceased annuitant to have received an amount from the RRSP at the time of death if the annuitant had a spouse or common-law partner when they died and both the following conditions are met:

  • the spouse or common-law partner is named in the RRSP contract as the sole beneficiary of the RRSP
  • by December 31 of the year following the year of death, all the RRSP property is directly transferred to a registered retirement savings plan (RRSP), pooled registered pension plan (PRPP), specified pension plan (SPP) or a registered retirement income fund (RRIF) under which the spouse or common-law partner is the annuitant/member, or to an issuer to buy an eligible annuity for the spouse or common-law partner

If both conditions are met, only the spouse or common-law partner will receive a T4RSP slip. The transferred amount will be shown in box 18 of the slip. This amount has to be reported on line 12900 of the spouse’s or common-law partner’s income tax and benefit return for the year the transfer was made. The spouse or common-law partner will receive a receipt for the amount that was transferred. To find out how to claim a deduction for the transfer, see Qualifying survivors – transfers.

General rule – beneficiaries of the RRSP

Amounts paid from the RRSP, which represent the income earned in the RRSP after the date the annuitant died, have to be reported by the beneficiaries named in the RRSP contract or by the annuitant’s estate (if no beneficiary is named). These amounts have to be included in the income of the beneficiaries or the estate for the year they are received. Chart 1 shows how the RRSP issuer generally prepares the slips that report the amounts paid from a deceased annuitant’s RRSP.

kenbeckett
Level 2

Spouse passed away 2019, need help on how to record RRSP (estate acount) to the wife RRSP account..... Thanks!

If the Beneficiary of an RSP placed the funds in a Tax Free Savings Account, can that be deducted from their income?

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