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NMStanhope
Returning Member

Retirement allowance used for RRSP contribution included on T4 as income

I retired in Jan 2021 and had the severance amount transferred directly to financial institution for an RRSP. I was able to claim it in the first 60 days of Jan 2021 on my 2020 return. I just received a T4 from the employer for earnings in Jan 2021 and the severance amount is entered in Box 67, Non-eligible retiring allowances, and I have to claim it as income for the 2021 tax year. They've made an error-can the employer reissue a corrected T4, or is there somewhere to record the amount as already invested in an RRSP?

2 Replies

Retirement allowance used for RRSP contribution included on T4 as income

In your condition, as your employer made a mistake on your T4, it is advised that you inform your employer regarding the error on your T4 and ask him to issue you a new T4.

 

If you have already reported the RRSP contribution on your previous return, you don’t need to report it again.

 

Thank you for choosing TurboTax.

NMStanhope
Returning Member

Retirement allowance used for RRSP contribution included on T4 as income

I spoke to CRA and they told me I have to claim the amount as income for 2021.