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Where do I enter eligible retiring allowance (severance) that's been transferred to an RRSP?

by TurboTax•6• Updated 1 month ago

To transfer your eligible retiring allowance to your RRSP in TurboTax, first you'll need to enter your T4 slip, then enter the transfer to your RRSP.

  1. Answer the initial Personal info interview questions if you haven't already. This unlocks ​2024 tax return.
  2. From 2024 tax return, under Add to your return, enter T4 and select T4 Employment Income.
  3. At T4 Employment Income, enter the information from your T4-slip. Your eligible retiring allowance is shown in box 66.
  4. From 2024 tax return, under Add to your return, enter registered and select Registered Savings Plan.
  5. At Your registered savings plan profile, select:
    • Made RRSP contributions during 2024 or the first 60 days of 2025 and
    • Transfers to RRSPs, and continue. 
  6. At What's your RRSP/PRPP deduction limit? enter your deduction limit, then continue.
  7. At RRSP Contribution, enter the contribution amount from your eligible retirement allowance that you transferred to your RRSP, as shown on the receipt from your financial institution. If you’ve entered all of your RRSP contributions, select Done With RRSPs, and then Done with RRSPs.
  8. At Transfers to RRSPs/PRPPs, make sure your eligible amount is shown for The amount of eligible income that has automatically calculated as a designated transfer:
  9.  At RRSP/PRPP and SPP Carry Forward, you’ll see the amount for Eligible income transferred to your RRSP/PRPP. 
    • At Here’s your registered savings plan summary, you’ll see the deduction included in the amount for RRSP/PRPP/SPP Deduction.
  1. Select Find from the TurboTax menu, enter T4 in the search bar, select T4 Employment income and select Go.
  2. At Entering your federal T-slips, select T4 -Employment Income.
  3. At T4 Employment Income, enter the information from your T4-slip. Your eligible retiring allowance is shown in box 66.
  4. At T4 -Summary, if all T4s are entered, select Done With T4 Slips.
  5. Select Find from the TurboTax menu, enter registered and select Registered Savings Plan Profile and select Go.
  6. At Your registered savings plan profile, select:
    1. Made RRSP contributions during 2024 or the first 60 days of 2025 and
    2. Transfers to RRSPs, and continue.
  7. At What's your RRSP/PRPP deduction limit, enter your deduction limit and continue.
  8. At RRSP Contribution, enter the eligible amount in the appropriate box for Contributions made between…, and the box for Is this RRSP contribution a designated transfer…?
  9. Continue to Registered savings plans summary, where your amount for your retiring allowance will be included in the amount for 2024 RRSP Deduction.