RRSP Question

O

onlybeginning

New member
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?

Thanks.
 
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).
 
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.
 
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)...
 
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