[T4RIF and RRSP contribution]

On 4/20/2023 at 11:40 AM, Geo123 said:

Hello sodium,

If your receipt issued by the financial institution indicates that it is a "Transfer under s. 60LV", please follow the procedure below.

Also, be aware that a "CRI in the tax sense is a locked-in RRSP" and that a "LIF is a RRIF".

1. On the "Left-side menu on the Interview tab", select "T4A and pension income".

2. On the screen to your right, click on the plus sign "+" icon on the right the line "T4RIF - Income from registered income fund (RL-2)".

3. On the new page generated, enter the amount from box 16 of your T4RIF slip and write it on the line "Taxable amounts from a RFIF (RL-2 box B)".

4. In addition, enter the same amount again on the line "- portions of Box 16 transferred to an RRSP/PRPP (click the?)".

This amount will be carried over by the program on line 13000 of the federal return as well as on line 20800.

In addition, federal Schedule 7 will indicate on lines 24500 and 24640 the amount transferred

Hi Geo123,

I have the same problem exactly and did the solution as you stated above; however, I have a doubt as I still have an outstanding RRSP receipt with the same amount which I did not enter into Ufile.  If I do enter this amount as a RRSP contribution into Ufile, what I find is I now look like I've contributed this amount towards my RRSP, it takes up my RRSP room and makes it look like I've over contributed.

So to clarify, you're stating after performing your steps for the T4RIF, ignore the RRSP contribution slip and we're done?

Thanks.

[Moving a RRIF back to RRSP Help]

Hi JaimeM,

What was your solution to this in the end?  I have a T4RIF that I've transferred the entire amount to RRSP and received a corresponding RRSP receipt for this.  Now when I put in the T4RIF amounts in box 16 and box 24, plus the same amount in the "portion of box 16 transferred to a RRSP" line in UFILE, it appears to work out fine; however, I'm now stuck with an RRSP receipt that states I have the equivalent amount contributed to RRSP.  If I enter this into Ufile, it appears to take up my RRSP room and states I have an overcontribution; I feel like I should be ignoring this RRSP receipt as it's not a true transfer.  But am torn as I do have a RRSP receipt.

Thanks.