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New Member

Why is retiring allowance transferred to an RRSP not showing on line 240?

My wife received a retiring allowance which is being transferred into an RRSP, as per "paragraph 60(J) ITA". This was referenced on her RRSP receipt. The amount is shown in box 66 of her T4, which I entered into TurboTax. I entered this amount also as a designated transfer in RRSP deductions. I do not see this amount appearing as line 240 and 245 of her schedule 7. Why is that? Am I entering something wrong?

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Moderator

Why is retiring allowance transferred to an RRSP not showing on line 240?

Ensure your software is updated firstly. This amount comes directly from the entry in the RRSP slip; as soon the Designated Transfer of eligible income & RRSP limit is applied the amounts automatically calculate on line 240 & 245 of Schedule 7.