Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA. Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the Department. Excess amount is only the amount that an annuitant may withdraw under the terms of the contract in excess of the minimum amount and the other amounts are considered transfer of property for purposes of T This is in reply to your letter dated August 2, , wherein you requested our comments regarding the proper use of forms T and T with respect to amounts transferred between an individual's registered retirement income funds "RRIF". You have expressed a concern that a transfer of property requiring a form T may also be considered a transfer of an excess amount requiring a form T Where a transfer of property between RRIFs satisfies the conditions found in paragraph
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My mother died in and her RIF was transferred to my father. I have a RIF transfer receipt which shows the transfer is exempt under subparagraph 60 l v. Where do I input this information into TurboTax? You should have a T4RIF showing a withdrawal amount, then a corresponding "receipt" showing the direct transfer which is exempt due to subparagraph 60 l v. Both these slips need to be reported on the tax return of the surviving spouse. Report the T4RIF as normal. The total Income will reflect the amount of the lump-sum being transferred, but do not worry, this amount will be deducted in the next section to arrive at the Net Income.
You need to specify on the RRSP Contribution screen that this was a "designated transfer of on eligible income amount". Please see the attached form from CRA that has instructions for the Transferor, Transferee and the Individual on what slips should be issued and how to report them on the income tax return. View solution in original post. Go to TurboTax. Why sign in to the Community? Submit a question Check your notifications Sign in to the Community or Sign in to TurboTax and start working on your taxes.
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Showing results for. Search instead for. Did you mean:. New Member. Where do I input a rif transfer receipt which is exempt due to subparagraph 60 l v? Accepted Solutions. Have you received two slips to reflect this transfer? No I have one RIF transfer receipt that says that it is exempt under subparagraph 60 l v.
T2030 Direct Transfer Under Subparagraph 60(l)(v)
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9 September 1996 External T.I. 9626685 - EXCESS AMOUNT T2033, T2030