Retired Dec 2025, T4A forthcoming 2026, RSP slip 60(J) first 60 days 2026 eligible + ineligible

Tax Topics
1

Hi There

The complicated ones always come in the last 2 weeks of April don’t they?

Teacher retired Dec 2025, retiring allowance coming over next few years. First transfer to RRSP made Jan 2026, generating a 60(J) RSP slip. $2K eligible, $14,688 ineligible. Slip is actually being corrected so the $14,688 won’t be coded (J). It would appear that I can’t use that ineligible amount against 2025 income…I have to wait for corresponding T4A that won’t arrive until next January. Just looking for confirmation of this please…as it would really be beneficial to use that $14,688 towards 2025 income.

Thanks so much

2

If the client has enough RRSP room for the “ineligible” portion of the RRSP contribution they can choose to claim it in 2025 or log the slip in 2025 and defer the deduction until 2026. Your choice.

Just remember, if the RRSP deduction is claimed against the client’s 2025 income there will be 14,688 of the client’s 2026 income that isn’t sheltered by a tax deduction.

3

Oh that is so good to hear!!
And nice to hear from you Snowplow guy :slightly_smiling_face:. I respect your opinion