RRSP transfers - Line 24640

RRSP transfers - Line 24640 - Schedule 7

To enter an amount on line 24640 of Schedule 7 (Transfers), you must enter the amount in the program based on the information displayed on one of the following slips that you received:

a) T4
b) T4RSP
c) T4RIF

a) If you have a T4 slip with an amount in box 66 and a receipt of transfer to an RRSP, follow these steps:

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 fields to complete for box 66. On line "Eligible retiring allowances", enter the amount shown in box 66 of your T4 slip. Then, enter the amount indicated on your RRSP receipt in the field for "Portion of Box 66 transferred to a RRSP/PRPP".

b) If you have a T4RSP slip and a receipt of transfer to an RRSP:

1. On the "Left side menu on the Interview tab", select "T4A and pension income".

2. On the right, choose "T4RSP - Income from a Registered Retirement Savings Plan (RL- 2)".

3. Enter the amount in the line "Annuity payments from RRSP" box 16 of the T4RSP, then enters the amount on the RRSP receipt in the field for "- portion of Box 16 transferred to a RRSP/PRPP".

c) If you have a T4RIF slip and a receipt of transfer to an RRSP:

1. On the "Left side menu on the Interview tab", select "T4A and pension income".

2. On the right, choose "T4RIF - Income from Registered Retirement Income Fund (RL -2)".

3. Enter the amount in the line "Taxable amounts from a RRIF" from box 16 of the T4RIF, then enter the amount on the RRSP receipt in the field for "- portion of Box 16 transferred to a RRSP/PRPP".

The program will carry over the amount of transfer to an RRSP on line 12900 or 13000 of the federal return. For residents of Québec, the amounts will be reported on line 122 or 154 of the Quebec return.

In addition, the program will carry the amount transferred to your RRSP to line 24640 of federal Schedule 7.

For more information about RRSP transfers, please consult the following link to the CRA website:

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/transferring.html

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Webpage: KPA385-20200130085534DE.htm