Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Find CRA Netfile error information >> HERE!

Transfer LIF to RRSP

At my request, my investment company unlocked 50% of my RLIF to an RRSP; they have since provided the RRSP contribution receipt (which indicates that it is "pursuant to section 60L(V)" and the T4RIF which includes both the transfer amount and a smaller amount that was withdrawn in the same year. 

 

Since this was the first year for the RLIF, there is no minimum payment required, so T4RIF boxes 16 (taxable amount) and 24 (excess amount) contain the same number, ie the total of the transfer plus the withdrawal.

 

How do I correctly record the transfer as well as the withdrawal in TurboTax (2024 Canada, standard, desktop).  TIA.

1 Best answer

Accepted Solutions
JoanneLH
Employee Tax Expert

Transfer LIF to RRSP

Transfers under section 60(j) are entered in Turbotax Desktop within the RRSP contribution receipt by entering the contribution amount in the appropriate date range, as well as in the "Designated Transfer of eligible income amount" field.  
@Inevitable  

View solution in original post

1 Reply
JoanneLH
Employee Tax Expert

Transfer LIF to RRSP

Transfers under section 60(j) are entered in Turbotax Desktop within the RRSP contribution receipt by entering the contribution amount in the appropriate date range, as well as in the "Designated Transfer of eligible income amount" field.  
@Inevitable