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Anonymous
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What is the proper way to reflect the impact of an approved T3012A in Turbo Tax?

Over contributed to RRSP in 2016, filed a T3012A to withdraw the contributions, CRA reassessed 2016 to reduce the carry forward RRSP amounts - in theory I should be all good at this stage.  

In 2018 I received T4RSP income inclusion for the withdrawal and I am expecting to include an offsetting deduction (T746) - but I cannot figure out how to enter the deduction into Turbo Tax, without it wanting to reduce my RRSP contributions this year - which CRA has already reduced my carryforward amounts for. 

1 Reply

What is the proper way to reflect the impact of an approved T3012A in Turbo Tax?

To enter the offsetting deduction from the T3012A form using TurboTax which you have downloaded/installed in your computer, you need to make the entry on Line 232 of the tax return. To do so;

  • Enter your T4RSP which shows the amount in Box 20
  • Click on Deductions & Credits > Other deductions > check the box next to Other deductions (legal costs, etc)
  • Continue until you reach the page "Other Deductions" and make your entry in the specified box.

https://www.canada.ca/content/dam/cra-arc/formspubs/pbg/t3012a/t3012a-fill-18e.pdf