Registered retirement income fund (RRIF) – Transfer of excess amounts and property

Property from a RRIF

You can transfer directly your property from a registered retirement income fund (RRIF) to another of your RRIFs, a PRPP or to a money purchase provision of an RPP under which you had been a member.

Do not claim a deduction for the amount you transfer, and do not report any amount on your income tax and benefit return.

Excess amounts from a RRIF

Your excess amount is any payment you receive from your RRIF that is above the minimum amount required to be paid out for the year.

These amounts can be transferred directly to your RRSPRRIFSPP, or PRPP, or to purchase an annuity.

Note

Amounts cannot be transferred to an RRSP if you were over 71 years old at the end of the tax year.

Completing your income tax and benefit return

Reporting the income

The excess amount directly transferred to another of your RRIFs should not be reported on your T4RIF slip. Do not report the amount transferred as income on your income tax and benefit return, and do not claim any deduction for the amount. However, if you received the payment in cash or by cheque before making the transfer, it is taxable on your return in the year it is received.

The excess amount is shown in boxes 16 and 24 of your T4RIF slip unless it is directly transferred to another RRIF for you. Report the total amount shown in box 16 on your income tax and benefit return.

  • If you were under 65 on December 31 of the tax year and had not received the payment due to the death of a spouse or common-law partner, report the income on line 130 of your return
  • If you were 65 or older on December 31 of the tax year or you received the payment due to the death of your spouse or common-law partner, report the payment on line 115 of your return

Claiming a deduction

  • If you directly transferred this amount to your RRSP, claim a deduction for the amount on line 208 of your return
  • If you directly transferred this amount to an issuer to buy an eligible annuity, claim a deduction for the amount on line 232 of your return

Note

If you were 65 or older on December 31 of the tax year or you received the payment due to the death of your spouse or common-law partner, the payment that you report on line 115 of your income tax and benefit return is eligible for the pension income amount at line 314 on Schedule 1.

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