Retiring Allowance Transfer

abaran · ‎March 14, 2021

Taxpayer's T4 Box 66 'retiring allowance' is not transferring to "Transfers to RSP" form. Spouse has contributed same amount as spousal contribution in attempted offset. Seems wrong. Should issuing institution correct the RSP contribution receipt?

ProFile Duncan · ‎March 15, 2021

Hi, thank you for using Intuit ProFile Community

For the rrsp transfer screen to populate the contribution has to be entered on the RRSP deduction screen: if the amount was not transferred directly to the employees RRSP the RRSP transfer screen will not population with an amount . If the contribution was made to a spouse plan, this was not a transfer to the employees RRSP: the deduction would then depend on the employees RRSP deduction limit for the year. ProFile seems to be handling this correctly based on this CRA information.

Hope this helps

View solution in original post

hewi · ‎March 15, 2021

It sounds as though client A got the retiring allowance but did not transfer it directly to their RRSP. If the spouse, client B, puts an amount into a spousal RRSP then the contribution must be claimed on client B's tax return and subject to their contribution limit.

If client A did directly transfer the retiring allowance then there should be an RRSP contribution slip noting the transfer.

ProFile Duncan · ‎March 15, 2021

Hi, thank you for using Intuit ProFile Community

For the rrsp transfer screen to populate the contribution has to be entered on the RRSP deduction screen: if the amount was not transferred directly to the employees RRSP the RRSP transfer screen will not population with an amount . If the contribution was made to a spouse plan, this was not a transfer to the employees RRSP: the deduction would then depend on the employees RRSP deduction limit for the year. ProFile seems to be handling this correctly based on this CRA information.

Hope this helps

abaran · ‎March 16, 2021

Thankyou. As I suspected. But your clarification is most helpful.