What happens if I transfered money from a register...

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
EnglishEN

Pick a language

Français English
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

What happens if I transfered money from a registered pension plan to a RRSP & RRIF, do I report this on my tax return & if so how?

 
1 Reply
Highlighted
Moderator

What happens if I transfered money from a registered pension plan to a RRSP & RRIF, do I report this on my tax return & if so how?

Usually these type of funds are transferred on a tax-deferred basis, as a "direct transfer". You will not receive any tax slips and do not need to report this on your tax return. 

If you receive a tax slip, most likely a T4A, you will need to report it as income. Then you should receive a corresponding RRSP Contribution slip which will offset this income. This is considered to be an "indirect transfer" and you must specify this on your return so your RRSP contribution limit is not affected.

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/transfer...

v