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adrianiscool
Returning Member

Transferred my pension to my new employer. I received a T4A. I transferred a portion directly to rrsp. I thought that amount doesn't count against my contribution room?

I recieved a T4A for the lump sum and an RRSP slip from the institution that a portion was directly transferred to...

A. How do I enter the rrsp info so it doesn't count against my 2020 rrsp amount?

B. How do I enter the transfer amount so it is deducted from my income? Right now it isn't the way I entered it.

1 Reply
TurboTaxHeba
Intuit Alumni

Transferred my pension to my new employer. I received a T4A. I transferred a portion directly to rrsp. I thought that amount doesn't count against my contribution room?

There is a limit to how much you can directly transfer from RPP to RRSP. If you exceed this amount, it will be counted against your room and you might need to report it in your income tax return. Check this link for more information: 

https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4040/rrsps-other-r...

 

I hope this was helpful

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