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Transfer under paragraph 60 (l) (v)


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I saw this topic partially discussed last year, but not to the results one would expect, plus the behavior of Ufile is weird. This is the situation:

Last year, I have to resolve a LIRA account, which had became a LIF account at the balance of $152, half of this amount $76 had been transferred to a RSP account. The bank has issued me three receipts:

* RSP contribution of $76

* A T4RIF income with box 16 of $76, excess amount box 24 at $76

* "Transfer under paragraph 60" form with the amount of $76.

If I go to Ufile, T4RIF income form and tag "portion of box 16 transferred to a RRSP account (click the ?)" at the amount $76, then Ufile will generate the Schedule 7 with RSP contribution DOUBLED to $152, and deduct any available RSP room away.  Why ??? 

Base on what I've read, from guide T4040, I can deduct the extra (RSP) income $76 by "Other deductions and credits", but it's still doesn't solve the false "RSP contribution" problem

The real requirement is how do I get Ufile to cancel out the "RSP contribution" amount (in blindness?) by the bank with the "Transfer from paragraph 60 form"? Please help


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Hello png1,

It appears you entered the RRSP amount twice.  Once on the RRSP screen, and again as a direct transfer on the T4RIF screen.  If you wish to keep the direct transfer then delete the amount entered on the RRSP screen.

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Yes Geo123,

This is what I suspected, since Ufile picks up the RSP contribution from CRA download , and I tag the RSP direct transfer from T4RIF screen again, it ends up with double RSP contribution in Schedule 7.

If I delete the one in RSP screen,  I'm not sure if CRA is happy if they have report of RSP contribution but not seeing it in my return  :-). May be a further explanation to them is needed. Furthermore, on the Interview Tab for RSP contribution, there is a bold line saying: "Do NOT enter transfer to your RRSP or PRPP/VRSP here..." So I'm sure this is the case.


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