rolling over and contributing to new RRSP on 8891 questions

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Atlaas02se
Posts: 16
Joined: Sat Jun 02, 2012 9:54 am

rolling over and contributing to new RRSP on 8891 questions

Post by Atlaas02se »

I searched this site for the answers for quite a while, but still has questions on the paperwork.

Question 1: RRSP #1 and #2 already exist., and now the RRSP #1 is rolled over into RRSP#2. The form 8891 #1 would show zero on "distribution" (line 7a and b) and zero on "balance at the end of the year" (line 8). At the top of the form, write "rolled into RRSP account #2."

Form 8891 #2, one would fill in "balance at the end of the year" (line 8).

The question I have is where do you show the amount rolled over from RRSP #1?
Do you not write down the amount rolled over, do you write the amount rolled over on "contributions to the plan" (line #9), or do you write on top of the form "X dollar amount rolled over from RRSP #1?

Question 2: Opening a brand new RRSP. One would fill in "balane at the end of the year" (line 8).

The question I have is do you fill in the "contributions to the plan" (line #9)?
It just seems that line 9 should be placed above line 8, as the form says "stop here" at line 8.
nelsona
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Post by nelsona »

1. You don;t
2. You don;t.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
nelsona
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Post by nelsona »

8891 doesn't "track" anything for future reference in determining tax. That is up to you to keep separately. Yoiu need to establish the 'investment' in your RRSPs yourself.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
Atlaas02se
Posts: 16
Joined: Sat Jun 02, 2012 9:54 am

Post by Atlaas02se »

Thanks, you are a big help always.

It just seem strange that there is a line #9 "contributions to the plan during the year," but you don't use it to show the amount rolled over from another RRSP or the amount you put in to start the new RRSP.

I guess, you use line #9 only during the year when you have a distribution.
nelsona
Posts: 18675
Joined: Wed Oct 27, 2004 2:33 pm
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Post by nelsona »

No. If you elect to defer, you never use it.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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