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Howard S

RSP transfer under paragraph 60 (L) (V) - how to?

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I have an RSP contribution slip as a result of LIRA to Riff transfer. Should l be able to include it as an RSP contribution and then deduct it as a contribution on Sched 7 line 11?  Seems to be no way to do this in Ufile? If I include it as an RSP contribution there seems to be no way I can indicate it is a transfer from one RSP to another.

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I agree, we have a similar problem a LLIF back to a RRSP.  I know you report the T4RIF under pension income and then you are suppose to enter the RSP contribution under subpara 60(L) on Line 250 with the number explaining what type of deduction it is.  For example 04 - Deduction for amounts transferred to a registered pension plan (RPP), a registered retirement savings plan (RRSP), a registered retirement income fund(RRIF) or an annuity.

 

The problem is you cannot get to Line 249 and Line 250 using Ufile.  At least I can't........can anyone help?

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I believe that the $ should be entered as a transfer under RRSP contribution and limits, entered further down the navigator,  and would then show up in line 232, instead of line 208. When I hit the link for transfer, and enter the target window, I get an error when I hit the link  to transfer the RIF to a RRSP.

 

I have submitted this problem to UFile help desk.

 

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No No No. I spent over an hour with CRA and then they even referred this question to an expert who called me back two days later. While line 232 accepts the input with UFILE, it is the wrong line and has other implications. Don't use.

 

The correct answer is at the top of the thread....Schedule 7, Line 11 (Box 240) that is then summarized on Line 208.

However like everyone else using UFILE on-line I can get to this line to input and I also have been sending in questions top UFILE with no satisfactory answer yet. Is this only an ONline problem or is it the same with the Windows version?

 

I am also exceeding annoyed with UFILE's requirements for T5013 to be filed by Netfile as opposed to paper. CRA suggested I put in some '0"s in the boxes UFILE wants that are blank on my slips but that doesn;t seem to work....

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Just chatted on line with TURBO Tax....They assure me I can Double Click box, green colour, Box 240 and input the transfer......Ah well may have to switch after so many years and input all my 2012 data over again...unless UFILE answer very soon our common problem.

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UFILE came through.....

 

For some reason I cannot paste their through response but in essence on the TRIF form where one enters the income in Box 16 line 15

 

Under Box 16 there are two lines.....Entere the amount that you have transferred to the RRSP on the line "Portion of box 16' that is a transfer to a RRSP ( in my case the whole amount). Thus amount you can see on line 208 of your return. You do not need to enter this amount on the RRSP again.

UFile will generate Schedule 7 authomatically with amount in Box 240.

 

Very good service thanks.

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Could someone help me with very similar issue?

I was told to transfer $ amount from RRSP to RRIF and then I could withdraw a monthly amount.

What I got from the bank are two tax documents, RRSP contribution form stating "Pursuant to section 60L(V)" and T4RIF for the same amount.

What this is supposed to do is to cancel each other out. But what UFILE is doing is subtract the contribution amount from my elegible RRSP contribution (2018) amount and I come up with over contribution of my RRSP and would be penalize 1% monthly on my over contribution amount.

Could some one tell me how I should process this so that UFILE does not deduct the RRSP contribution from my elegible RRSP amount?

Very upset trying to resolve this issue.

Sent request to UFILE for help and UFILE sent me a bunch of answers that doesn't help. 

 

 

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