The Government of Canada announced in November 28, 2008 that it was lowering the RRIF minimum withdrawal amounts retroactively for 2008. Any senior who had already taken their RRIF minimum would be allowed to re-contribute up to 25% of the minimum taken in 2008. These measures were passed into law on March 13th of this year and re-contributions may be made up April 14th, 2009.
Reporting On Your Tax Return
If you have made the re-contribution to your RRIF, you will receive a receipt from your financial institution.
Report the full amount of your withdrawal in 2008 as you would normally would on your 2008 income tax return. You can report the re-contribution amount as a deduction on line 232 of your return.
Need More information?
The Canada Revenue Agency has published some information for seniors on this topic here.