Jordan Wealth Management Group - ScotiaMcLeod Truro

The amount "unlocked" from a Federal LIF or new Federal RLIF will be reported in box 16 of the T4RIF slip which will be issued before the end of the following year’s February month end. Also, if the unlocked portion was transferred to your RRSP, an official contribution receipt will be issued as well.

The T4RIF slip issued from the RLIF or LIF will be a total of the values of the regular  LIF/LRIF payment(s) and the “unlocking” amount transferred to the “RRSP” plan (if applicable). Please note that the offsetting contribution receipt for the transfer to the RRSP plan will only be for the “unlocked” portion which was transferred to the RRSP plan; therefore the T4RIF slip and the contribution receipt will not necessarily be for the same amount.

If the unlocking from a LIF or LRIF is transferred to a RRIF, the T4RIF tax slip issued from the LIF or RLIF will not contain the unlocking amount since the transfer is between two “Income Plans”. Similarly, if the unlocking is from a Locked-In RRSP or RLSP is transferred to an RRSP, no tax slips are issued since the transfer is between two “Savings Plans”

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