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Transfer RIFF from Deceased to Spouse

#1 User is offline   Bob Kerr Icon

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Posted 15 March 2008 - 10:29 PM

I finally ran across a situation I have never expeienced I would like advise on how to handle. My clients husband died in 2006. This year my client who is over 71 received an RRSP certificate for $30K with a note "Transfer under 60L" . she also received a T4RIF with $30K in box 16 & in box 24. I selected "Transfer to RRSP" in Profile slips for Box 24. Because of her age I get a Profile warning. The RRSP Transfer schedule accepts the RIFF to RIFF transfer and the $30K shows up on line 208. Before I E-file can anyone offer an opinion if I did it correctly

Bob Kerr
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#2 User is offline   smsimms Icon

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Posted 21 March 2008 - 09:49 PM

I have just encountered the same situation as Bob and I agree with snowplowguy, I think the financial institution has made a mistake. My surviving spouse is 77, spouse died in 2007 at the age of 73. Survivor has T4RIF, box 16 $9,172.70, box 24 $9,172.70, no tax withheld. Then he has an RSP receipt (from the same instiitution that issued the RIF) in the amount of $9,172.70, with a note "transfer under 60L". The only logical conclusion for me is to designate box 24 as "transfer to RIF" and see what happens with CRA. CCH "How To Prepare you Income Tax Return" was not helpful.
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#3 User is offline   DanC Icon

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Posted 21 March 2008 - 10:07 PM

View Postsmsimms, on Mar 21 2008, 09:49 PM, said:

I have just encountered the same situation as Bob and I agree with snowplowguy, I think the financial institution has made a mistake. My surviving spouse is 77, spouse died in 2007 at the age of 73. Survivor has T4RIF, box 16 $9,172.70, box 24 $9,172.70, no tax withheld. Then he has an RSP receipt (from the same instiitution that issued the RIF) in the amount of $9,172.70, with a note "transfer under 60L". The only logical conclusion for me is to designate box 24 as "transfer to RIF" and see what happens with CRA. CCH "How To Prepare you Income Tax Return" was not helpful.


I think its the T2205 that use to show the offset, if I remember correctly
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#4 User is offline   Jennifer C Icon

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Posted 25 March 2008 - 05:39 PM

I have the same situation - client over 71 received T4RIF with amounts in box 16 & 24 and a note stating transfer under 60(l).

I am trying to get the financial institution to issue the corresponding RRSP receipt considering they issued the above slip.

I then have to fill out form T1043 (not T2205).
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#5 User is offline   news4u Icon

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Posted 13 April 2008 - 04:06 PM

View Postsnowplowguy, on Apr 12 2008, 02:58 PM, said:

Hey Bob..... whatever happened with this? Were you able to efile the return 'as is' or did you go a different route?

Seems I jinxed myself into the same situation. An 80 year old widower (lost his wife in October) with an amount of some 30K in box 16 and 24 of a T4RIF and a $30,000 60L RRSP receipt.

Before I go postal on Dundee Private Investments I thought I'd ask and see if you were able to get it pushed through on efile.

I know what the problems with the slips are but I also realize where I need to end up.... so I'm effectively looking for the path of least resistance. If the return will efile with improper slips (achieves the same end result) I'll probably go that route. My concern is whether or not the efile front end will kick it out with an error message saying the client is too old to make an RRSP contribution.

Thanks



If the deduction for the $30,000 on the registered plan receipt is on Line 232 instead of 208, it should be fine. Line 208 is only for RRSP contributions, and you are right, at 80 years of age, he is too old for that. So use the Other Deductions screen to enter it in the section "Other Deductions - Line 232" and use the line "Other transfers to a RRIF or an annuity".
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#6 User is offline   Bob Kerr Icon

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Posted 14 April 2008 - 03:15 AM

Sorry SPG. I tried to send you off a private reply & it kicked back at me twice so I gave up. I thank you I beleived you were right in your analysis. If I filed the forms as given by the institution the client was OK so I e-filed as was and it was accepted.

Bob Kerr
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#7 User is offline   Bruceker Icon

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Posted 22 March 2013 - 01:24 AM

If it's a T4RIF slip and transferred to an RRSP, PROFILE does not calculate it properly. And if it's an T4RIF Slip to a RRIF don't claim any excess amount transfered. Actually, the CRA has a great table/chart on transfers at:

http://www.cra-arc.g...tml#P2481_85656
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#8 User is offline   Kaizen Icon

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Posted 05 April 2013 - 02:24 PM

In the profile there is a transfer form (RRSPTRANSFER) that needs to be used alon with the T4RIF slip
Kind of tricky, if the person is senior then the deduction is shown on line 232 based on the age or line 208 if this is transfered to RRSP (not for seniors)and there is a RRSP slip
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