Transferring directly from an RRSP to an RRSP or
from a RRIF to a RRIF
You probably received either a T4RIF or a T4RSP slip for
withdrawals you have made and transferred either to an RRSP or a
RRIF.
The mention 60L may appear on your receipt to indicate the direct
transfer.
To report this direct transfer from one account to another, please
follow the steps below:
1. On the "Left side menu on the Interview tab", select the
item "Interview setup".
2. On the right-hand side of the screen, go to the
"Pension" group, check the box for "Pension income, other
income and split pension income (T4A, T4A(OAS), T4A(P), T4A-RCA,
T4RSP, T4RIF, T1031)" and click "Next" at the bottom of
the page.
3. Return to the "Left side menu on the Interview tab"
and select "T4A and pension income"
4. On the screen to your right, choose the line that corresponds to
your situation, either "T4RIF - Income from Registered
Retirement Income Fund (RL-2)" or "T4RSP - Income from a
Registered Retirement Savings Plan (RL-2)".
5. For the line "Box 16 - Taxable amounts from a RRIF (RL-2 box
B)" or "Box 16 - Annuity payments from RRSP (RL-2 box
B)", enter the amount of the withdrawal.
6. For the line entitled "Portion of Box 16 transferred to a
RRSP" or "Portion of Box 16 transferred to a RRIF",
enter the amount transferred.
You should ask the payer to transfer the funds directly from one
account to the other.
Generally, the amounts you transfer directly into an RRSP do not
change your RRSP deduction limit.
The amount transferred directly will be entered on line
24640 of federal Schedule 7.
For more information on this topic, consult the following link:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/transferring.html
ID: 20200130114822DE.xml
Webpage: KPA385-20200130114822DE.htm
