Retirement allowance transferred to an RRSP within the first 60 days of the yearTo meet the needs of our clientele, a new option entitled Portion of box 66 transferred to an RRSP / PRPP for January and February of the tax year was created.
To enter this retirement allowance, please follow the steps below:
1. On the "Left-side menu on the Interview tab" select "T4 and employment income".
2. On the right-hand side of the screen, select one of the two following options: "T4 and RL-1 (Relevé 1) income earned in Quebec" or "T4 income earned outside Quebec" as applicable, and enter the information found on your T4 slip in the appropriate boxes.
3. On this page, you will find the field to be filled in for box 66. On the "Eligible retiring allowances" line, enter the amount shown in box 66 of your T4 slip.
4. If the transfer was made in the first 60 days of the year, enter the amount on the transfer receipt to an RRSP on the line "Portion of Box 66 transferred to a RRSP/PRPP (Included in the unused RRSP/PRPP contributions of January/February 2019)".
5. Subsequently, select the section "RRSP contribution, limits".
6 On the page that appears, enter the "RRSP/PRPP deduction limit for 2019 (2018 assessment)". Also, in the "Unused RRSP/PRPP contributions (2018 assessment)" section, enter the amount that appears on your Notice of Assessment.
7. On the line "Do you have unused contributions from the first 60 days of 2019?", answer "Yes" and a new line will be created, on titled "Unused contributions from the first 60 days of 2019". Enter the amount of your Notice of Assessment either on line B, or either on the line "Portion of box 66 transferred to an RRSP / PRPP (Included in the unused RRSP / PRPP contributions for January and February 2019)".
Your retirement allowance will be recorded on line 13000 of the federal return and for residents of Quebec on line 154 with code 03 will be entered on line 153.
The portion of the allowance transferred will be carried over to line 24640 of Schedule 7 of the federal return and for residents of Quebec on line 250 with code 04 indicating a transfer.
NOTE: The program may generate a "Warning", informing you that your RRSP contribution exceeds your deduction limit by more than $2,000. Please do not take this into account.
For more information on transfers to an RRSP, please refer to the following link from the CRA:
ID: 20191113102335NA.xml
Webpage: KPA385-20191113102335NA.htm