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tdibratt
Returning Member

Received Severance Pay DTERA and Contributed to RRSP

Hi All.  I received a severance pay in Jan 2020 of which 14,000 was eligible as DTERA and was contributed by my bank into RRSP within the first 60 days of 2020.  That became a RRSP overpayment for the 2019 tax year and was carried over into 2020.  Now for 2020, I am going to receive the T4 from my employer which should show the DTERA amount as an eligible contribution for tax free.

 

Question.  Am I correct that the amount on the T4 which I presume will be BOX 66 will automatically be offset by the RRSP contribution and TurboTax will handle it appropriately?  Do I need to enter or do anything to make sure this happens?

 

Also, I have say $16,000 of contribution room for 2020 tax year but TurboTax thinks I only have 2,000 room left as I already contributed 14,000 if I wanted to contribute here in the first 60 days of 2021.  I don't think that should be the case as the 14,000 was a direct contribution to RRSP and eligible without the need to have any RRSP room.  So it should not be subtracting the 14,000 from the 16,000 right?  I should still have an additional 16,000 of room for 2020 RRSP.

 

Thanks

2 Replies
tdibratt
Returning Member

Received Severance Pay DTERA and Contributed to RRSP

bump

tdibratt
Returning Member

Received Severance Pay DTERA and Contributed to RRSP

bump

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