TRANSFER UNDER SECTION 60LV

Forum|Forum|2 years ago
April 6, 2024
2 replies
5 views

Client has a RRSP Contribution Receipt with the clause TRANSFER UNDER SECTION 60LV. How does this get entered into Profile. I think schedule 7 is involved, but not sure.

ProFile (Canada)

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J

janisbossenberry

Level 7

You should also have a T4RSP slip showing the income. Depending upon the situation, it gets entered as income on the T4RSP under box 18, a transfer to RRSP in Box 22 on the T4RSP slip, and then the contribution like normal on the RRSP form. It should end up showing on the "Transfers to RRSP" form, where it will carry forward to schedule 7 on line 24640. If you do not have a T4RSP income slip, you could try entering it on the first line of the "Transfers to RRSP" form and see what happens. I did not work that one through.

M

Mario B

Level 11

We also have an article on this ...

https://profile.intuit.ca/support/en-ca/help-article/manage-users/t4rif-t4rsp-transfer-profile-t1-transfer-section-l/L1CDAgavn_CA_en_CA?uid=luu8a3ey

K

kcaswellAuthor

Level 2

thanks for the response. The 2 scenarios in the article are in the case of a deceased person. Unfortunately (but fortunate for the client) their is nobody deceased in this situation. The person is simply transferring his RRSP from one account to another and the bank issued a RRSP Contribution Receipt with the comment TRANSFER UNDER SECTION 60LV

K

kcaswellAuthor

Level 2

Would you have an article for that situation?

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