where to enter 60L (retirement saving plan as a deduction, tax exempt portions came from a T4RIF

[Baloghj]

Got a T4rif and a 60L to use as a deduction towards T4RIF. because part of it went from LIF back to LIRA.

Does it go to box 16 RRIF/RRSP? or directly in other deduction 23200? as there is no box for LIRA

 

[Maggie3]

Hello Baloghj,

RRSP transfers - Line 24640 - Schedule 7

To enter an amount on line 24640 of Schedule 7 (Transfers), you must enter the amount in the program based on the information displayed on one of the following slips that you received:

a) T4
b) T4RSP
c) T4RIF

a) If you have a T4 slip with an amount in box 66 and a receipt of transfer to an RRSP, follow these steps:

1. On the "Left side menu on the Interview tab", select "T4 and employment income".

2. On the right-hand side of the screen, select one of the two following options: "T4 and RL-1 (Relevé 1) income earned in Quebec" or "T4 income earned outside Quebec" as applicable, and enter the information found on your T4 slip in the appropriate boxes.

3. On this page, you will find the fields to complete for box 66. On line "Eligible retiring allowances", enter the amount shown in box 66 of your T4 slip. Then, enter the amount indicated on your RRSP receipt in the field for "Portion of Box 66 transferred to a RRSP/PRPP".

b) If you have a T4RSP slip and a receipt of transfer to an RRSP:

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

2. On the right, choose "T4RSP - Income from a Registered Retirement Savings Plan (RL- 2)".

3. Enter the amount in the line "Annuity payments from RRSP" box 16 of the T4RSP, then enters the amount on the RRSP receipt in the field for "- portion of Box 16 transferred to a RRSP/PRPP".

c) If you have a T4RIF slip and a receipt of transfer to an RRSP:

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

2. On the right, choose "T4RIF - Income from Registered Retirement Income Fund (RL -2)".

3. Enter the amount in the line "Taxable amounts from a RRIF" from box 16 of the T4RIF, then enter the amount on the RRSP receipt in the field for "- portion of Box 16 transferred to a RRSP/PRPP".

The program will carry over the amount of transfer to an RRSP on line 12900 or 13000 of the federal return. For residents of Québec, the amounts will be reported on line 122 or 154 of the Quebec return.

In addition, the program will carry the amount transferred to your RRSP to line 24640 of federal Schedule 7.

For more information about RRSP transfers, please consult the following link to the CRA website:

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/transferring.html

[Baloghj]

Quebec has got to show on line 250 and federal should be 23200. So I think info is incorrect.

it is a 60l, part of what I took out of lif went back into lira.  So from what I googled should  enter t4rif  and in box 16 put the amount to be deducted. And shows up on 250 Quebec and 23200 federal.

on the rev 2 there is a box 2b and says reported on 250.

[Mollyc]

 c) If you have a T4RIF slip and a receipt of transfer to an RRSP

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

But I do not have a T4A and pension income on the left side. 

[Geo123]

Hello Mollyc,

Please see below.

>>

[Mollyc]

Thank you for your answer. I understand your answer. I think I am looking for something else. When I found:

c) If you have a T4RIF slip and a receipt of transfer to an RRSP

and receipt of transfer to an RRSP - I took that to mean I also received an RRSP contribution slip equal to the amount of the T4RIF. This RRSP contribution slip I am very familiar with before retirement and how to enter in UFILE. I contributed to RRSP first 60days of the year or during the remainder of the year. When I received the T4RIF I also got a RRSP contribution slip with these words 'Pursuant to section 60L(V)' which I was told by bank that makes it different from the usual RRSP contribution slip. These 2 will offset each other. Where would I enter this RRSP contribution slip with 'pursuant to section 60L(V). so it will offset the T4RIF?  

My problem is. I wanted to withdraw money from my locked in RRSP. The bank created a RIF, transferred the amount to my RRSP(they said they cannot just put it in my chequing account) and the reminder in my new RIF. I then withdrew the money from my RRSP which triggers withholding tax and service fees. So I paid my taxes on the amount I withdrew. Now during tax time, I receive a T4RIF and a RRSP contribution slip with the words 'pursuant to section 60l(V)', these words would not normally appear for a RRSP contribution on the slip. The amount I withdrew is larger than my contribution room, therefore these 2 slips do not offset each other. I cannot just enter the RRSP contribution slip since it way over the limit of my contribution room to offset the T4RIF. It was not a mistake for me to take a one time 50% out of my locked in RRSP. I went to bank to handle. I am been trying to tell them I think I should not receive the T4RIF and contribution since it was a transfer from Locked In RRSP to and RRSP and when I took the money out of the RRSP I paid the withholding tax on it. I received an T4RSP which includes my amount withdrawn and the taxed withheld. By entering the T4RIF I am getting double dinged. I now have to paid taxes on the T4RIF but I paid the taxes as shown in my T4RSP.  I cannot make head way to the call centre of the bank brokerage house. They do say that the T4RIF and 'pursuant to section 60L(V) should offset each other. If I can enter the 'pursuant to section 60L(V) slip somewhere to offset the T4RIF then I would be ok. Can this be done in UFILE? Am and still not sure if the bank should have issued me these slips or I just don't know how to enter the 60L in UFILE.    

[Mollyc]

In my stress, I missed number 3 which is where to apply the 60L in the post dated Feb 15, 2023 starting with Hello Baloghi. I got my answer by calling UFILE.