Box 16, Taxable amounts has been split into two input cells. The amount entered on the Annuity – if 65 or older or due to death of spouse line qualifies for the eligible pension income amount in the calculation of non-refundable tax credits, while the amount entered on the Annuity – other line does not.
Taxprep carries the amount from box 16 to box 161 when the taxpayer is 65 or older or is the spouse or common-law partner of a deceased taxpayer. Otherwise, the amount will be carried to box 162.
You must enter the transfer to an RRSP or a RRIF amount in the appropriate box. In addition, complete the RRSP worksheet to enter the amount that is actually being transferred in order for the program to automatically complete the Form RRSP/PRPP/RPP TRANS, Designation of Amounts Transferred to an RRSP/PRPP and/or an RPP.
Box 22 is divided into five cells and two categories: Income eligible or Non eligible for the pension income amount.
Eligible:
221 Due to death of annuitant: The amount in this box is carried to line 11500, Other income from RRIF and gives entitlement to the pension income amount.
To enter an amount in this box, the following conditions must be met:
- The person who received the T4RIF slip must be the spouse, common-law partner or the annuitant’s qualified beneficiary1.
- There are no restrictions with respect to the age of the annuitant’s spouse or common-law partner; however, the qualified beneficiary must be 65 or older.
222 Income earned after death if 65 or older or due to death of spouse: The amount in this box is carried to line 11500, Income earned after death and gives entitlement to the pension income amount.
To enter an amount in this box, the following conditions must be met:
- The person who received the T4RIF slip must be the spouse, common-law partner or the annuitant’s qualified beneficiary1.
- There are no restrictions with respect to the age of the annuitant’s spouse or common-law partner; however, the qualified beneficiary must be 65 or older.
Unlike the amount in box 221, the amount in box 222 must have been earned after the death of the annuitant and not as a result of the annuitant’s death.
Taxprep carries the amount from box 22 to box 222 when the taxpayer is 65 or older or is the spouse or common-law partner of a deceased taxpayer.
Non-eligible:
223 Income earned after death – other: The amount in this box is carried to line 13000, Income earned after death – other and does not give entitlement to the pension income amount.
To enter an amount in this box, the following conditions must be met:
- The T4RIF slip must have been received by either the qualified beneficiary1 or estate.
- The qualified beneficiary must be under age 65 (in the event the beneficiary is 65 or older, this amount should be reported in box 222).
224 Other: The amount in this box is carried to line 13000, Other income from RRIF and does not give entitlement to the pension income amount.
To enter an amount in this box, the following conditions must be met:
- The T4RIF slip must have been received by the annuitant, annuitant’s spouse or common-law partner, the annuitant’s qualified beneficiary1 or the annuitant’s estate.
- If the income is not earned due to death or is not income earned after death, it should be reported in this box, no matter the age of the beneficiary.
Taxprep carries the amount from box 22 to box 224 when the taxpayer is under age 65 and is not the spouse or common-law partner of a deceased taxpayer.
Deductions:
225 Other deductions: The amount in this box is carried to line 23200, Other RRIF deductions.
To enter an amount in this box, the following condition must be met:
- The amount in box 22 of the T4RIF slip is between parentheses, therefore negative.
Taxprep carries the amount from box 22 to box 225 when this amount is negative.
1 A qualified beneficiary is the annuitant’s spouse or common-law partner or the annuitant’s financially dependent child or grandchild.
The portion of the amount transferred to an RRSP entered in box 24 is posted to the RRSP and/or RPP Transfers workchart, however, to obtain the appropriate deduction, you must complete the RRSP workchart by entering the amount actually transferred.
The amounts transferred under a decree, order or judgment of a competent tribunal or a written agreement regarding the separation of property between the taxpayer and current or former spouse or common-law partner in order to settle the rights arising upon the breakdown of the union are entered in box 35. If this is the case, Form T2220, Transfer from an RRSP or a RRIF to Another RRSP or RRIF on Marriage Breakdown, is used to document the facts of the transfer. This form should not be attached to the return; you must keep it for your records.
Amount designated as a refund of premiums in Form T1090
The annuitant's legal representative can request a reduction in the amount the annuitant is considered to have received from the RRIF at the time of death.
This is an amount that is paid or considered to have been paid from a deceased annuitant's RRIF to a qualified beneficiary. This amount can be taxed to the qualifying beneficiary who receives it instead of the deceased annuitant or the annuitant's estate. The qualifying beneficiary who receives a designated benefit can defer paying tax on the eligible part of the benefit by transferring it to an eligible plan or fund, or to an issuer to buy an eligible annuity.
Complete a separate form for each RRIF of the deceased, for each year for which payments are made out of the RRIF to the annuitant’s estate, and for each qualified beneficiary.
See also