Use of New RESP Transfer Forms

Disclaimer: RESP promoters

The information contained on this page is technical in nature and is intended for Registered Education Savings Plan (RESP) and Canada Education Savings Program promoters. For general information, visit the RESP section.

Official title: Update: Use of New Registered Education Savings Plan (RESP) Transfer Forms

Information Bulletin

Number:
PCEE/CESP-2012/13-005-508
Date:
November 20, 2012
Subject:
Update: Use of New Registered Education Savings Plan (RESP) Transfer Forms

Purpose

The purpose of this Information Bulletin is to:

  • Inform you that additional changes to the Transfer Forms released in September will be forthcoming and available shortly.
  • Recommend that you delay making any changes to your electronic systems based on the Transfer Forms launched in September, until you receive the updated Transfer Forms.

Intent

The intent of this message is to prevent Promoters and Trustees from incurring additional expenses tied to making system changes until updated Transfer Forms are re-issued.

Overview

Since the launch of the new Transfer Forms HRSDC SDE 0088 (Form A), HRSDC SDE 0089 (Form B) and HRSDC SDE 0090 (Form C) on September 19, 2012, the Canada Education Savings Program (CESP) has received additional input from financial institutions.

Changes/Additions to the Transfer Form

In order to address some of the common concerns raised since the launch of the new Transfer Forms, CESP will be making some minor changes to one or more of the Transfer Forms in order to clarify the transfer eligibility questions, the guidelines and the consequences of not administering the Additional Canada Education Savings Grant rules. CESP intends on re-issuing the forms shortly.

Implications

An updated form HRSDC SDE 0089 (Form B) will replace the one launched on September 19, 2012. Form A and Form C may also be updated.

In the meantime, you can either use Forms A, B, and C that were recently launched, or the old Transfer Form (HRSDC SDE 0050) accompanied by the new Form B (with Areas IV and V completed) as per the requirements indicated in InfoBulletin number PCEE/CESP-2012/13-002-482.

In light of these options available to you, it is important that the information required to facilitate the transfer of RESPs for clients is shared in an effective manner amongst financial institutions.

You may want to delay making changes to your electronic systems until you receive the updated Transfer Forms.

Key Dates

Updated new Transfer Forms will be re-issued in December 2012.

Enquiries

For more information, please contact the Canada Education Savings Program by phone at 1-888-276-3624 or by e-mail at cesp-pcee@hrsdc-rhdcc.gc.ca.

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