Withdraw from a RRIF - Box B-2 from the RL-2 and/or
Box 16 of the T4RIF
The amount in Box B-1 of RL-2 indicates the payment to the
annuitant of a RRIF for the year that exceeds the minimum amount
that was to be paid to you for the taxation year.
In addition, the amount in Box B-2 may refer to an
amount transferred to another RRIF, RRSP or PRPP. If this is
the case, you must have received a receipt from the
financial institution indicating a direct transfer.
In this case, the amount transferred must be entered on the
T4RIF page either on the line "portion of Box 16 transferred to
an RRSP/PRPP" or on the line "portion of Box 16 transferred
to a RRIF".
If the amount has been transferred to a RRIF, the
amount will be transferred to line 23200 of the federal
returns and line 250 of the Quebec return.
However, if the amount has been transferred to
an RRSP/PRPP, the amount will be carried over
to line 20800 of the federal return and
on Schedule 7 the amount on line 240 will indicate
a direct transfer, while for Quebec residents the amount will be
entered on line 250 of the return.
The amount in Box 24 of the T4RIF indicates a payment to the
annuitant that exceeds the minimum amount.
However, if the amount shown in Box B-2 of the RL-2 is after the
death of the annuitant, the amount transferred to the spouse must
be entered on the line "Taxable amounts from a RRIF upon death
of spouse (RL-2 box B)" in a Box 16 of the T4RIF.
If the amount is transferred to an RRSP or RRIF, it must be
entered in one of the boxes entitled "portion of Box 16
transferred to a ... ".
Note: The spouse should be taxed on the minimum amount in
his or her file.
ID: 20191217130637DE.xml
Webpage: KPA365-20191217130637DE.htm
