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

by TurboTax•1• Updated 1 week 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. From the Tax home screen, under Add to your return, enter T4 and select T4 Employment Income.
  2. At the T4 Employment Income screen, enter the information from your T4-slip. Your eligible retiring allowance is shown in box 66.
  3. From the Tax home screen, under Add to your return, enter registered and select Registered Savings Plan Profile.
  4. At the Your registered savings plan profile screen, select:
    • Made RRSP contributions during 2024 or the first 60 days of 2025 and
    • Transfers to RRSPs, and continue. 
  5. At the What's your RRSP/PRPP deduction limit? enter your deduction limit, then continue.
  6. At the RRSP Contribution screen, 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.
  7. At the Transfers to RRSPs/PRPPs screen, make sure your eligible amount is shown for The amount of eligible income that has automatically calculated as a designated transfer:
  8.  At the RRSP/PRPP and SPP Carry Forward screen, you’ll see the amount for Eligible income transferred to your RRSP/PRPP. 
    • At the Here’s your registered savings plan summary screen, 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 the Entering your federal T-slips screen, select T4 -Employment Income.
  3. At the T4 Employment Income screen, enter the information from your T4-slip. Your eligible retiring allowance is shown in box 66.
  4. At the T4 -Summary screen, 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 the Your registered savings plan profile screen, select:
    1. Made RRSP contributions during 2024 or the first 60 days of 2025 and
    2. Transfers to RRSPs, and continue.
  7. At the What's your RRSP/PRPP deduction limit screen, enter your deduction limit and continue.
  8. At the RRSP Contribution screen, enter the eligible amount in the appropriate box for Contributions made between…, and the box for Is this RRSP contribution a designated transfer…?

Continue to the Registered savings plans summary screen, where you’ll see your amount for your retiring allowance will be included in the amount for 2024 RRSP Deduction.

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