Excess amount 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 (under proposed legislation) at the end of the tax year.

Completing your tax return

The excess amount is shown in box 24 of your T4RIF slip and is also included in the total in box 16 of the same T4RIF slip.

Reporting the income

• 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 another RRIF or to an issuer to buy an eligible annuity, claim a deduction for the amount on line 232 of your return.

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

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.