jj15ca Posted January 28 Report Share Posted January 28 (edited) hello, Sunlife made a huge mistake with my investments. I asked them to move $100K into a RRIF from my RRSP as I just retired and was going to draw on that amount over the next few years. They moved over the entire RRSP into the RRIF, $800K and I immediately contacted them to reverse it because I did not want to be forced into that high of a RRIF payment based on the government's minimum withdrawal rules. They did not reverse it , but instead cashed out $700K a few weeks ago and then added it back into my RRSP last week...telling me there is no impact. Well we all know that there is, and I have to deal with it to fix Sunlife's huge error. I will now have a $700K RIF income in 2024 and a $700K RRSP contribution/deduction for 2023. I have to make them offset each other so I do not get hammered in taxes next year. I had purchased $3K in RRSPs in June 2023 to help me reduce my 2023 taxes owing. I have entered in the RRSP contribution section, $3K for March 1,2023-Dec 31, 2023 and $700K for Jan 1, 2024-Feb 29,2024. On the RRSP Worksheet, there is a line for entering how much RRSP Deduction you want to carry forward to 2024, and I have entered $700K...(which I hope means I can claim $700K in RRSP deduction in 2024 to offset the $700K RIF income) Problem is that what is happening for my 2023 tax filing, it is taking the total $703K and carrying it forward and resetting my 2023 RRSP deduction to zero on line 20800, which is should leave as $3K.. I can't find a way to carryforward $700K RRSP deduction to 2024 and keep $3K for 2023. Is there a tax rule that says if you want to carry forward a RRSP deduction, it has to be the full amount you contributed that year? and if not, can someone help me on where in the forms I force it to hold back $3K and carryforward 700K? Much appreciate any help , I seem to be stuck...JJ15 Edited January 28 by jj15ca spelling error Quote Link to comment Share on other sites More sharing options...
Maggie3 Posted January 29 Report Share Posted January 29 Hello jj15ca, We highly recommend you seek the advice of your financial institution or a tax advisor, or a tax accountant. You may also contact the CRA for more information at 1-800-959-8281. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.