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Carry Forward a RRSP Deduction


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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 by jj15ca
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