Should I show my RRSP contribution that is going towards a 60(j.1) retirement allowance on the RRSP line because it causes an overcontribution?

How do you show that an RRSP contribution is under a 60(j.1) retirement allowance?


When an RRSP or RRIF is transferred, you should have two tax slips - a T4RSP or a T4RIF showing a withdrawal amount, then a corresponding "Contribution Slip" (or receipt) showing the direct transfer which is exempt due to subparagraph 60(l)(v). Both these slips need to be reported on the tax return.

Report the T4RSP or T4RIF as income (Income > Tax Slips > choose the slip you have then proceed to that screen and enter the corresponding boxes) . The Total Income will reflect the amount of the transfer, but do not worry, this amount will be deducted in the next section to arrive at the Net Income.

Then enter the RRSP or RRIF receipt as an "RRSP Contribution" in the RRSP Profile section. You need to specify on the RRSP Contribution screen that this was a "designated transfer of on eligible income amount".

Was this answer helpful? Yes No

No answers have been posted

More Actions

People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach:

Do you still have a question?

Ask your question to the community. Most questions get a response in about a day.

Post your question to the community