My Client is 70, so is still able to transfer her spouses RIF into an RRSP.
The T4A box 24 has an option to transfer the amounts to the RRSP which I have indicated.
The amounts still show on the taxable income? I have tried to find where to designate them within Tax Cycle without any success.
The worksheet shows the amounts in the :Total income eligible for transfer to an RRSP" line but the line “RRSP contributions available for designation as a transfer” shows a zero value.
There was a T4RIF from the deceased spouses RIF which the surviving spouse paid into an RRSP account. She has not received and RRSP slip.
From your response I presume this is what we may be waiting for and add in as a normal contribution?
As @Arliss mentioned, your clients needs an RRSP contribution receipt and that will be entered in the RRSP worksheet like any other RRSP contribution.
If the spouse has been deceased for a while and the transfer happened a while ago the survivor might want to be hitting up the financial institution for the receipt. In many cases they don’t get issued because the staff don’t always understand the process.
Thanks for the repsonse.
I have gone back to the client and asked them to obtain a slip for the RRSP contribution.
The client is 70 so I am not sure why they just did not pay into into a RIF.
But then the client would have needed to obtain a “RIF Contribution” receipt (a fairly rare animal) which is even more confusing to some financial institutions. The deduction for RIF to RIF transfer gets entered in a different area (23200) of the T1 than a transfer to RRSP (20800).
I had a client with the same situation last week, and couldn’t remember how it worked. Had to look it up (see below). As noted by @snoplowguy - claim the deduction on line 23200.
Hi
I have a 73 year old surviving spouse and she has a T4RIF with the deceased amount. All is good on entering there I think.
However they transferred a money into a RRSP under 60L. I put the excess amount under excess withdrawal?? I put the RRSP section 60L on line 23200?? Everything is under her name. It must go to her. Please respond thank you
A 73 year old surviving spouse can not have a Registered Retirement Savings Plan.
The proceeds would likely have been transferred into her RIF. Some financial institutions (such as Manulife) will issue an RRSP contribution receipt for the offsetting deduction since there is no such thing as a “RIF contribution receipt”. The RRSP receipt is issued to support a deduction on line 23200 (instead of 20800).
The excess from the T4RIF would get entered in box 24 - Amounts transferred to RRIF.
Hi
Yes the 73 year can’t have sorry busy right now RRSP. You’re correct in the transfer to a RIF for her. Followed by an RRSP with Section 60L written on it.
I’ve entered the RIF as normal and this is in her name. The 60L RRSP will go on line 23200.
Thank you so much
