What is the difference between an eligible and non-eligible retiring allowance? Can I claim them both on my income tax?
I was given a severance package at the beginning of January 2017. I put some of it into an RRSP. I received two different contribution receipts and was told one portion was eligible and the other was not eligible.
What does that mean??
0110717
1 Best answer
TurboTaxTrevor
New Member
Oct 30, 2019 2:01:13 AM
The eligible portion means you were able to transfer into an RRSP without it counting towards your RRSP contribution limit for the year. For the non eligible portion, you will need to have RRSP room to be able to deduct it from income.
1 Replies
TurboTaxTrevor
New Member
Oct 30, 2019 2:01:13 AM
The eligible portion means you were able to transfer into an RRSP without it counting towards your RRSP contribution limit for the year. For the non eligible portion, you will need to have RRSP room to be able to deduct it from income.