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Hi there,
A client has retired and converted his federal LRSP into a LIF while using the 50% unlocking provision to move half of the value to his RRSP. The national bank has issued a T4RIF for the the amount coming out of the LRSP/LIF and an offsetting T80 RRSP contribution receipt for the funds moving into RRSP (now unlocked)
How do I enter this receipt, as the client does not have RRSP room and this transaction is not subjet to the RRSP limt?
Thanking you in advance for any help you can offer.
Harley
On the T4RIF screen, you should have an amount in Box 16 (Taxable amounts) and an amount in Box 24 (Excess amount - Transferred to RRSP). You record the RRSP contribution receipt like normal. If you then look at the RRSP/PRPP schedule under the summary section, the amount transferred shows as an addition to the RRSP deduction limit, and the RRSPLimit for the next year is not reduced by the amount that was transferred. The key is to show it as transferred to the RRSP in Box 24 on the T4RIF.
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