Transfer or close a plan

Transfer or close a plan

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Transferring a plan

Transfer a plan to another financial organization

You can transfer a plan to a different participating financial organization by completing the necessary documents. The transfer must be for the full amount existing in the plan. Partial amounts cannot be transferred. The holder of the plan must initiate the transfer and have the required form completed by both financial organizations.

Contact your financial organization to request the transfer of a plan from one financial organization to another.

Financial organizations may have certain conditions and fees associated with transferring a plan. Contact your financial organization for more information.

Changing the plan holder to another person

If you would like to have the holder of a plan changed to another person (including the beneficiary), the existing plan holder must make a request with their financial organization. To see who can be the plan holder, see Who can open a plan and apply.

Plan closure

A plan is only closed when:

  • money runs out (withdrawals)
  • it is non-compliant
  • the beneficiary passes away, or
  • a plan holder requests that a plan be closed (in certain circumstances)

If you lose DTC approval, you do not need to close your plan.

The financial organization will work with the Canada Revenue Agency to close a plan.

If you would like to close your plan, contact your financial organization.

Death of a beneficiary

Repayment rules will apply if grant or bond was paid in the 10 years before the beneficiary's death. Any remaining money held in the plan goes to their estate.

The remaining money must be transferred to the beneficiary’s estate by December 31 of the year after the year in which the beneficiary dies.

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