Transfered $20,000.00 severence to RRSP. Is this a...

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Transfered $20,000.00 severence to RRSP. Is this a deduction for RRSP contribution

 
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New Member

Transfered $20,000.00 severence to RRSP. Is this a deduction for RRSP contribution

An amount received as an Eligible Retiring Allowance and reported in box 66 of your T4 can be transferred in to your RRSP without reducing your RRSP contribution room. Other severance amounts can also be paid in to your RRSP and deducted on the tax return but will apply against your RRSP contribution limit.

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