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RRSP Question

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  • RRSP Question

    Part of my court ordered settlement with my ex is that I receive $X of money from her pension that goes in to my RRSP that I already have in place. My question is does that $X amount get added to my income for the tax year that the transfer occurs?

    Example: If I make $10 per year and she is required to transfer $1 from her pension to my RRSP would my income be $11 for the 2015 tax year on line 150?


  • #2
    I'm not an expert, but the transfer from one RRSP to another is a transfer. Not income.


    • #3
      This will likely depend on the nature of the transaction, and how it's handled.

      I think you both need to consult your respective pension company/RRSP company/bank, and clarify with them, as they will know better than anyone on here. There should be some mechanism to handle such a transaction, as a transfer, that minimizes any kind of tax penalty (if applicable).


      • #4
        I've transferred from one RRSP to another RRSP without tax implications. Because it was a transfer, I didn't even get a tax slip for it, and it wasn't included on my tax return for that year.

        I suspect this would hold true for your situation. If not, you can claim it as a contribution to your RRSP (if you have room), and you won't pay tax on it until you withdraw it.


        • #5
          sounds like a spousal transfer which is not taxed nor would you use it on your tax return...only part would be you note it is from a pension so usually that transfers over as a locked-in asset (LIRA)...


          • #6
            It should NOT be taxed. I had to transfer RRSPs to my ex and they were not considered income for him.


            • #7
              Pension (i.e. where you are transferring FROM) is tax-deferred, right?


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