Box 16 (Annuity payments) has been split into two input cells. The amount entered as "Annuity – If 65 or older or due to death of spouse" qualifies for the eligible pension income amount in the calculation of non-refundable tax credits, while the amount entered as "Annuity – other" 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.
The RRSP refund of premiums to spouse due to the annuitant’s death entered in box 18 is deemed to be eligible for transfer into an RRSP. However, you must enter the amount actually transferred in the RRSP worksheet in order for the software to correctly complete the Form RRSP/PRPP/RPP TRANS, Designation of Amounts Transferred to an RRSP/PRPP and/or an RPP.
RRSP commutation payments that are direct transfers entered in box 22 are eligible for transfer into an RRSP/PRPP. When an RRSP/PRPP contribution is entered in the RRSP worksheet, the program posts the amount to the Form RRSP/PRPP/RPP TRANS, Designation of Amounts Transferred to an RRSP/PRPP and/or an RPP.
The amounts withdrawn from an RRSP by an individual under the Home Buyers’ Plan, entered in box 27, do not appear in the tax return. However, a diagnostic message warns you that the data concerning these withdrawals must be entered in the HBP form in order to use this information when rolling forward data to the following year.
Box 28 (Other Income or Deductions) has been split into two input cells. The amount entered as other income updates the Registered Retirement Savings Plan Income Summary (line 12900), while the amount entered as other deductions updates the Other Deductions Summary (line 23200).
Taxprep carries the amount from box 28 to box 281 when the amount entered is positive. If it is negative, the amount will be carried over to box 282.
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 T2019
The annuitant's legal representative to reduce the amount the annuitant is considered to have received from the RRSP at the time of death;
This is an amount that is paid or considered to have been paid from a deceased annuitant's RRSP 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 refund of premiums can defer paying tax on the amount by transferring it to an eligible plan or fund, or to an issuer to buy an eligible annuity.
Complete a separate form for each RRSP of the deceased, for each year for which payments are made out of the RRSP to the annuitant's estate, and for each qualified beneficiary.
See Also