how to report RRSP from retirement allowance?

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2014-03-04 00:22

You may have reported income on line 115, 129, or 130 of your return for 2013. If you contributed certain types of this income to your own RRSP/PRPP on or before the deadline, you can deduct this contribution, called a transfer , in addition to any RRSP/PRPP contribution you make based on your “RRSP deduction limit.”

For example, if you received a retiring allowance in tax year,  report it on line 130 of your return. You can contribute to your RRSP/PRPP up to the eligible part of that income (box 66 of your T4 slips or box 47 of your T3 slips) and deduct it as a transfer. Include the amounts you transfer on lines 2 or 3 and field 240 of Schedule 7.

Tags: allowance, retirement, RRSP, transfer
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