RRIF - Transfer of excess amounts and property

Property from a RRIF

You can transfer directly your property from a RRIF to another of your RRIFs 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 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 RRSP, to a RRIF, or to 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 tax 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 return, and do not claim any deduction for the amount.

If you received the payment in cash or by cheque before making the transfer, the transfer is not tax-free.

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 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 return is eligible for the pension income amount at line 314 on Schedule 1.