LIRA moved to RRSP. Is that a RRSP contribution?

[lucas3478]

I can’t really find an answer to this question, so before I go to talk to my bank/tax expert I thought I’d ask here.

More or less, this past year I moved money I had in a LIRA Pension account from my previous employer into a RRSP at my main bank. Does anyone know if that counts as a contribution I should report on my taxes?

 

[dorothy_43]

@lucas3478 When you do a transfer like that you will be issued a T4RSP representing income from the LIRA and you will be issued a contribution receipt for the amount put in the RSP, as these amounts will be the same they will cancel each other out, meaning no taxes. However, you still need to report both when you file your taxes.

 

[lucas3478]

@dorothy_43 Awesome! Thanks for you help with that, I haven’t received my T4RSP’s yet. Thanks for the insight.