CRA indicates that a s. 60(l)(v) RRIF-to-RRSP direct transfer in the first 60 days of the year must be reported on the Sched. 7 for the previous taxation year

CRA indicated that where there was a direct transfer from a RRIF of an annuitant to the annuitant’s RRSP in accordance with s. 60(l)(v) in the first 60 days of a year (e.g., 2025), the taxpayer was required to include the RRIF benefit in income for the 2025 taxation year, and may also deduct, for that same taxation year, the amount that was contributed by direct transfer to the RRSP, provided that the amount was reported on Schedule 7 for the preceding taxation year (2024).

Neal Armstrong. Summary of 9 October 2025 APFF Financial Planning Roundtable, Q.4 under s. 60(l)(v).