Can you claim direct transfer 2014 RRSP in 2013?
My brother has asked me this, and I cannot find the answer anywhere on Schedule 7, Guide T4040, or the General Tax Guide.
He retired in January, and his severance was transferred directly into an RRSP in the first 60 days of 2014. If he was doing this for 2014 only, it would be a net zero transaction. BUT he was wondering if he could claim part of the RRSP on his 2013 return, when his income was higher. He has the RRSP room, and understands that if this was possible, he would be paying tax on that portion of severance pay in 2014.
So is it possible? (which it shouldn't be, IMO)
Where does it say you can or can't do it?
He retired in January, and his severance was transferred directly into an RRSP in the first 60 days of 2014. If he was doing this for 2014 only, it would be a net zero transaction. BUT he was wondering if he could claim part of the RRSP on his 2013 return, when his income was higher. He has the RRSP room, and understands that if this was possible, he would be paying tax on that portion of severance pay in 2014.
So is it possible? (which it shouldn't be, IMO)
Where does it say you can or can't do it?