Notice #769 – Updated Registered Education Savings Plan (RESP) transfer form and updated policy on the use of the transfer form

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Information bulletin

Number: CESP/PCEE-2018/19-001-769

Date: May 22, 2018

Subject: Updated Registered Education Savings Plan (RESP) transfer form and updated policy on the use of the transfer form

Previous bulletin

This information bulletin updates information bulletin CESP/PCEE-2012/13-006-512 and replaces CESP/PCEE-2017/18- 010-760.

Purpose

The purpose of this information bulletin is to announce the launch of the revised Registered Education Savings Plan (RESP) transfer form, to provide an overview of the changes and to announce an update to the policy respecting the use of the form.

Changes to form

Employment and Social Development Canada (ESDC) consulted with Registered Education Savings Plan (RESP) promoters to simplify and streamline the transfer form, and to make it easier and more efficient to use. While there are a number of changes throughout the form, the updated version continues to use three main parts:

  • Part A: Subscriber request
  • Part B: Receiving promoter
  • Part C: Relinquishing promoter

A new stand-alone Annex 1 (Additional beneficiaries) replaces two separate annexes that were previously included in Part B and Part C. If required, RESP promoters may now use multiple copies of Annex 1 to exchange information about additional beneficiaries when completing Part B and Part C.

Guidelines from all three previous parts were streamlined, updated, and broken down into several sections that appear only in Part A of the form:

  • 5 – Your privacy rights
  • 6 – Definitions
  • 7 – General information
  • 8 – Transfer policies
  • 9 – Transfer eligibility information

The entire form, including the transfer eligibility information in section 4 of Part B and Part C, incorporates all provincial incentives administered by ESDC.

A checkbox has been added to section 3 of Part A of the form to capture subscriber direction regarding the continuation of an RESP where the full plan balance is being transferred-out.

Improvements to section 6 of Part C should also help promoters facilitate the subsequent transfer of pending applications for incentives that are paid after an RESP transfer has been initiated.

Form number and version date

A new number (ESDC SDE 0100) is assigned to all components of the updated form. An additional suffix identifies the form component, version date (2018-03) and language (E = English; F = French). For example, the following codes appear in the lower left corner to identify each component of the English transfer form:

  • ESDC SDE 0100 – Part A (2018-03) E
  • ESDC SDE 0100 – Part B (2018-03) E
  • ESDC SDE 0100 – Part C (2018-03) E
  • ESDC SDE 0100 – Annex 1 (2018-03) E

Changes to form use and requirements

Use of the updated form (SDE 0100) is compulsory to facilitate external transfers (transfers that occur between RESPs held by different RESP promoters that use different business numbers).

Effective immediately, use of the transfer form is no longer compulsory for internal transfers (transfers that occur between RESPs held by the same RESP promoter using the same business number). Promoters may facilitate internal transfers using their own methodology.

As with external transfers, the processing of internal transfers must be verifiable for the purpose of compliance reviews. Promoters that choose to facilitate internal transfers without using the ESDC transfer form will still be required to show that transfer eligibility was confirmed prior to processing and that RESP notional balances were transferred and distributed appropriately between receiving and relinquishing RESPs.

Further, the density of the half-tone grey shading that appears in the optional areas of the transfer form has been reduced to allow for improved legibility of forms when digitally imaged or when faxed between RESP promoters.

Mandatory use date

ESDC is delaying the mandatory use date pending an Industry consultation on the merits of retaining the transfer form and of its overall usability. This consultation will be conducted during the next RESPAG Operations Table Meeting.

Use of the updated form (SDE 0100) will be mandatory (for external transfers) as of February 25, 2019. Prior to February 25, 2019, RESP promoters may use any of the following options:

  1. Complete Parts A, B and C of the March 2018 version of the transfer form (SDE 0100);
  2. Complete the December 2012 versions of Form A (SDE 0088), Form B (0089) and Form C (SDE 0090);
  3. Complete any combination of the three parts of the 2012 and 2018 transfer forms; or
  4. Complete the previous RESP transfer form (SDE 0050) in addition to completing areas IV and V of Form B (SDE 0089).

Examples:

The receiving promoter may provide the relinquishing promoter with SDE 0100 A and B from the 2018 transfer form series, and the relinquishing promoter may answer the receiving promoter with SDE 0090, from the 2012 series;

The receiving promoter may provide the relinquishing promoter with SDE 0088 and SDE 0089 from the 2012 series of transfer forms, and the relinquishing promoter may answer the receiving promoter with SDE 0100 C, from the 2018 series; and

The receiving promoter may provide the relinquishing promoter with SDE 0050 and SDE0089, from the 2012 transfer form series, with areas IV and V completed, and the relinquishing promoter may answer the receiving promoter by either returning the completed SDE 0050 or by returning either of SDE 0100 C, from the 2018 transfer form series, or SDE 0090 from the 2012 series.

Accessing the form

The updated transfer form—and previous versions—are available on the Forms tab of the Canada.ca/RESPresources webpage. As of February 25, 2019, all previous versions of the transfer form will be removed.

Contact us

If you have any questions regarding this information bulletin, please contact us by e-mail at cesp-pcee@hrsdc-rhdcc.gc.ca or call at 1-888-276-3624. Our hours of operation are from 8:00 to 17:00 Eastern Time.

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