I Have a client who has moved to another province and has transferred their LIRA. There has been a T4A issued Box 018 Lump sum payments and CRA have it recorded as [Lump-sum payments from a registered pension plan (RPP) that cannot be transferred].
The AFR shows the amounts as a withdrawal, what is the correct entry to show it as a transfer within taxcycle?
It is correctly showing as taxable income which it is not.
Unlike RRSp’s there is in form method of indicating a transfer.
“I Have a client who has moved to another province and has transferred their LIRA. There has been a T4A issued Box 018 Lump sum payments and CRA have it recorded as [Lump-sum payments from a registered pension plan (RPP) that cannot be transferred].
The AFR shows the amounts as a withdrawal, what is the correct entry to show it as a transfer within taxcycle?
It is correctly showing as taxable income which it is not.
Unlike RRSp’s there is in form method of indicating a transfer.”
I think you might want to read your post over.
It would be difficult for anyone to give any helpful advice as there is a lot of conflicting statements in there.
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You cannot fix this and you need to report it as the slip says.
The slip was issued because the plan issuer did not code it as a transfer. If the funds are in fact still in a LIRA and not cashed out the taxpayer needs to take this up with their investment firm.
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Thank you for your reply.
I thought this was the case but wanted to check I was not missing a method of transfer.