# RRSP transfer



## tired (May 5, 2015)

I am doing my 2007 tax return  . I received RRSP receipt for 100K which is "transfer under section 60 L.1". My spouse died and i just put everything into rrsp. Can anyone tell me how to enter it on my tax return so that it is not reported as income and it will be available as "unused contributions" in the future. Thank you.


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## stardancer (Apr 26, 2009)

Generally it must be reported as income on line 129 and a deduction on line 208 (using schedule 7 to clarify) Make sure you have the corresponding T slips from the institution. http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/trnsfrrng/dth-eng.html

It is a straight transfer- with no tax consequences, no impact on your contribution room, and you cannot use it as unused contributions in the future. It is one of the perks of designating your spouse as the beneficiary.


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## tired (May 5, 2015)

UGHH! so in 2008 i withdrew 26K from it and i will be taxed on it? is there anyway i can lower the tax owing?


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## tired (May 5, 2015)

I was truly with the understanding that i would be able to use it as deductions in the future. HELP!!!


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## RBull (Jan 20, 2013)

You are doing your 2007 return? What happened to all the years since?

Your 2008 RRSP withdrawal should have had tax withheld at source, since it is an amount greater than $5000. The actual amount of tax owing would need to be adjusted when you do your 2008 taxes.

if I understand you correctly, it probably can't be used as a deduction since the deduction has likely already been claimed by your deceased spouse. Any withdrawal from it since is considered income to you. 

It sounds like you need professional help with your tax and financial situation.


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## tired (May 5, 2015)

It was spouses RPP from work and when he died i put it all into RRSPs. You are right about the professional help.


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## wendi1 (Oct 2, 2013)

Fortunately, all the tax professionals are finishing up today on the last blast of tax season. If they aren't delighted to see you today, they will be in a week or two.

Good luck!


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## RBull (Jan 20, 2013)

Yes good luck. As wendi1 says you'll be a welcome sight to tax pros after today.


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