# Transferring a RRIF - T4RIF and 60L offsetting receipt



## yyzvoyageur

Primary question: What information is on a "60L offsetting receipt" and where on one's tax return would one put those numbers to properly offset a T4RIF when RRIF assets are rolled over following the death of a spouse?

The situation is that a family member passed away last year, leaving about $100k in a RRIF. His wife was the beneficiary of that RRIF, so the RRIF assets should be "rolled over" into her RRIF. His RRIF was held with the self-directed investment branch of one of the big banks; her RRIF is held with the bank itself. She had the bank transfer his RRIF into her RRIF. After that happened, the self-directed investment branch that previously held the husband's RRIF issued a T4RIF in the full amount and stated that the bank branch that now held the RRIF assets would issue a "60L offsetting receipt". Getting that receipt has proven a problem as no one seems to know what the heck that receipt is. Since I don't believe I'll ever see that receipt I'm wondering how I should show the offsetting of the T4RIF on her tax return.

As an aside, I was flabbergasted by the incompetence and sloth exhibited by the bank in dealing with this transfer. Despite informing the bank within a week of the death, his RRIF payments continued to be made for six months following death. Then, when she completed the paperwork to have the RRIF transferred over to her own, the bank insisted on receiving a cheque for those six months worth of payments before anything could be done. A cheque was sent and it still took over three months for the transfer to be completed and payments to resume. It wasn't a big deal for her because she's not strapped for cash, but I would hate to be a widow of limited means in that situation. It struck me as very uncaring and unprofessional.


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## caricole

http://www.cra-arc.gc.ca/E/pbg/tf/t2030/

_*T2030 Direct Transfer Under Subparagraph 60(l)(v)*_

1) If you would tell me its RBC, I would not be surprised...went thru similar proplems

2) The request for «DIRECT TRANSFER» should have been initiated a «HER BANK» with the proper documentation, The Will and a «DÉCLARATION OF TRANSMISSION» ( but they do not inform you) The only information you get is...«HAND THE ESTATE OVER AND WE WILL LOOK AFTER EVERYTHING»...but do not ask THE COST....they never tell

3) No T 4 RRIF should have been issued...*it is a DIRECT TRANSFER*

3a) Edited: From the back of the form

_Individual: The applicant attaches a copy of the T4RSP slip or T4RIF slip, as well as a copy of the receipt, to his or her return for the
year of the transfer. The applicant includes the amount shown on the T4RSP slip, T4RIF slip, or T4A slip in taxable income, and
deducts the amount shown on the receipt from taxable income._

4) I suggest, try to obtain documentation of the DIRECT TRANSFER IN THE NAME OF THE SPOUSE

5) The T4 RRIF should be in the name of the deceased ??? include in the final déclaration omitting the amount as income, with an explanatory note

5) If the T4 RRIF is in the name of the spouse...include the T4 RRIF information slip wih her declaration BUT NOT ADDING IT TO HER INCOME....again, an explanatory note «THIS IS A DIRECT TRANSFER UNDER SUBPARAGRAPH 60(i)

6) A bit of a hassel....but I beleive it will be accepted

My opinion


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## yyzvoyageur

Thanks for the reply.

T4RIF is in the name of the surviving spouse. If only the banks could get these things right in the first place this would be a lot easier, but I think you're right that an explanatory note should be sufficient.


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## caricole

yyzvoyageur said:


> Thanks for the reply.
> 
> T4RIF is in the name of the surviving spouse. If only the banks could get these things right in the first place this would be a lot easier, but I think you're right that an explanatory note should be sufficient.


If I would do it

Put everything on Line 129

Before the box 129(handwritten T4RRIF 100.000$-TRANSFER 100.000$......Box 129....0$

And to make 100% sure, gave them a call and ask on what line to put these 2 amounts

And all doubts will be gone

Go for it..:02.47-tranquillity:

edited...I just phoned:encouragement:

The amount should be declared on line 115 (T4 RIF) and deducted on line 232 (offsetting receipt)


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## bazinga

*Rc4178*



yyzvoyageur said:


> Primary question: What information is on a "60L offsetting receipt" and where on one's tax return would one put those numbers to properly offset a T4RIF when RRIF assets are rolled over following the death of a spouse?
> 
> 
> Generally, the wife would receive a T4RIF with the amount that was transferred out of the husband's RRIF, in addition to a receipt for the amount that was transferred in to her RRIF. The T4RIF income is to be reported on line 115 of the wife's tax return and an offsetting deduction for the amount transferred into her RRIF deducted on line 232. CRA publication RC4178 (Death of an RRIF Annuitant) outlines this information for you nice and (mostly) clear. If you paper file, you need to attach the T4RIF and the receipt for the transfer to the return. If you paper file, you just need to keep these in case CRA wants to verify the amounts. The bank should be contacted to get the receipt for the transfer. Good luck!


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## yyzvoyageur

Thank you to the last two posters. That's exactly how I ended up recording the income and deduction. We never did receive a receipt showing the transfer, but I think the explanatory note along with the supporting documentation I submitted should be enough.


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