Thanks for the link, Maha. That's a great example, and the table on page one is exceptionally revealing. My concern would be that the rules have been subsequently tightened up with respect to timing of the transfer. I also wonder about the example, as it shows only change in value and no income earned with the RRSP, which I think is unlikely. However, it is no doubt done that way for simplicity; sadly, I rather doubt that's how the slips have fallen out in real life and - somewhere - there's been a T4RSP showing income for at least 2020 and possibly 2019 as well.
As page two of your paper makes clear, life is so much simpler if the transfer can be made by December 31st of the year following death. However, think you are looking at something like that example. So you're going to have to play with Chart 2 and, unfortunately, they don't show where the figures come from (in particular, I don't understand why line 2 is zero). It will depend on the relative positions of deceased and spouse as to how much is to be transferred from final return to spouse. As the RRSP was essentially deemed collapsed as of the date of death, and its value reported on the deceased's final return, it will probably be beneficial to make the transfer. As I read the paper, nothing is reported on the spouse's return until the year of transfer when whatever is on the T4RSP for the spouse lands on the return, and you make the Chart 2 calculation. If it is beneficial to make a transfer, you add the amount on the spouse's return for 2021 and send the letter requesting the change on the deceased's 2018 return to CRA. I wouldn't hold my breath waiting for the refund, though.
Hope this helps.
Jo
