Retiring Allowance Transfer

Forum|Forum|5 years ago
March 14, 2021
2 replies
14 views

Taxpayer's T4 Box 66 'retiring allowance' is not transferring to "Transfers to RSP" form. Spouse has contributed same amount as spousal contribution in attempted offset. Seems wrong. Should issuing institution correct the RSP contribution receipt?

ProFile (Canada)

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Best answer by Pro4

Hi, thank you for using Intuit ProFile Community

For the rrsp transfer screen to populate the contribution has to be entered on the RRSP deduction screen: if the amount was not transferred directly to the employees RRSP the RRSP transfer screen will not population with an amount . If the contribution was made to a spouse plan, this was not a transfer to the employees RRSP: the deduction would then depend on the employees RRSP deduction limit for the year. ProFile seems to be handling this correctly based on this CRA information.

Hope this helps

H

hewi

Level 3

It sounds as though client A got the retiring allowance but did not transfer it directly to their RRSP. If the spouse, client B, puts an amount into a spousal RRSP then the contribution must be claimed on client B's tax return and subject to their contribution limit.

If client A did directly transfer the retiring allowance then there should be an RRSP contribution slip noting the transfer.

A

abaranAuthor

Level 2

Thankyou. As I suspected. But your clarification is most helpful.

P

Pro4Answer

Level 8

Hi, thank you for using Intuit ProFile Community

For the rrsp transfer screen to populate the contribution has to be entered on the RRSP deduction screen: if the amount was not transferred directly to the employees RRSP the RRSP transfer screen will not population with an amount . If the contribution was made to a spouse plan, this was not a transfer to the employees RRSP: the deduction would then depend on the employees RRSP deduction limit for the year. ProFile seems to be handling this correctly based on this CRA information.

Hope this helps

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