Transfer of funds

You can transfer certain types of amounts from one registered plan to another, or to an annuity, such as:

It is no longer mandatory that you use Form T2033, Direct transfer under subsection 146.3(14.1), 147.5(21) or 146(21) or paragraph 146(16)(a) or 146.3(2)(e) to transfer property from a RRIF. In addition, you do not have to use the other forms listed below for transferring property between registered plans. Institutions may use other types of documents to record the transfer. You can also choose one of the following methods of transferring funds between registered plans:

Make sure that you provide all the relevant information about the transfer, that the funds are properly transferred to the new plan, and that the client's needs are respected.

Click on the following links for information on:

Payments that you have to transfer directly

Transferring payments received from a transferor plan directly to a transferee plan because of a breakdown of the marriage or common-law partnership

Payments that you transfer for non-residents of Canada

Payments that you have to transfer directly

RRSP commutation payment – You can transfer to:

For these types of transfers you must issue a T4RSP slip or a receipt. Do not withhold tax if Form T2030, Direct Transfer Under Subparagraph 60 l)(v) is filled out.

Note

For transfers to an SPP, contact your plan administrator for details about transfer limits before proceeding. You can use Form T2030, Direct Transfer Under Subparagraph 60(l)(v) for this type of transfer.

Excess amount from a RRIF upon death of annuitant – You can transfer to:

For these types of transfers you must issue a T4RIF slip or a receipt, except when the transfer is to another RRIF for the same annuitant. Do not withhold tax if the transfer is to another RRIF. You can use Form T2033, Direct Transfer under subsection 146.3(14.1), 147.5(21) or 146(21), or paragraph 146(16)(a) or 146.3(2)(e) for this type of transfer. For other transfers, do not withhold tax if Form T2030, Direct Transfer Under Subparagraph 60(l)(v) is filled out.

Property, including money, from an unmatured RRSP – You can transfer to:

Do not issue a T4RSP slip or a receipt. Do not withhold tax. You can use Form T2033, Direct Transfer under subsection 146.3(14.1), 147.5(21) or 146(21), or paragraph 146(16)(a) or 146.3(2)(e) for this type of transfer. For an ALDA transfer, use Form T2157, Direct Transfer from a Registered Plan to Purchase an ALDA.

Excess amounts, including money, from a RRIF – You can transfer to:

Do not issue a T4RIF slip or a receipt. Do not withhold tax. You can use Form T2033, Direct Transfer under subsection 146.3(14.1), 147.5(21) or 146(21), or paragraph 146(16)(a) or 146.3(2)(e) for this type of transfer. For an ALDA transfer, use Form T2157, Direct Transfer from a Registered Plan to Purchase an ALDA.

Lump-sum payment from a defined benefit RPP – You can transfer to:

Do not issue a T4A slip or a receipt. Do not withhold tax. You can use Form T2151, Direct Transfer of a Single Amount Under Subsection 147(19) or Section 147.3 for this type of transfer.

Lump-sum payment from a money purchase RPP – You can transfer to:

Do not issue a T4RIF slip or a receipt. Do not withhold tax. You can use Form T2151, Direct Transfer of a Single Amount Under Subsection 147(19) or Section 147.3 for this type of transfer. For an ALDA transfer, use Form T2157, Direct Transfer from a Registered Plan to Purchase an ALDA.

Lump-sum payment from a DPSP – You can transfer to:

Do not issue a T4A slip or a receipt. Do not withhold tax. You can use Form T2151, Direct Transfer of a Single Amount Under Subsection 147(19) or Section 147.3 for this type of transfer.  For an ALDA transfer, use Form T2157, Direct Transfer from a Registered Plan to Purchase an ALDA. In some situations, payments may also be transferred to a DPSP. 

Lump-sum payment from an SPP – You can transfer to:

Do not issue a T4A slip or a receipt. Do not withhold tax. You can use Form T2033, Direct Transfer under subsection 146.3(14.1), 147.5(21) or 146(21), or paragraph 146(16)(a) or 146.3(2)(e) for this type of transfer.

Property from a PRPP – You can transfer to:

Do not issue a T4RIF slip or a receipt. Do not withhold tax. You can use Form T2033, Direct Transfer under subsection 146.3(14.1), 147.5(21) or 146(21), or paragraph 146(16)(a) or 146.3(2)(e) for this type of transfer. For an ALDA transfer, use Form T2157, Direct Transfer from a Registered Plan to Purchase an ALDA.

Transferring payments received from a transferor plan directly to a transferee plan because of a breakdown of marriage or common-law partnership

In all cases, the recipient must be entitled to the payment under a decree, order, judgment of a court, or under a written agreement relating to a division of property between the individual's current or former spouse or common-law partner in settlement of rights arising from the breakdown of their relationship. The parties must be living separate and apart at the time of the transfer due to a breakdown of their relationship.

Lump-sum payment from an RPP – You can transfer to:

Do not issue a T4A slip or a receipt. Do not withhold tax. You can use Form T2151, Direct Transfer of a Single Amount Under Subsection 147(19) or Section 147.3 for this type of transfer.

Property, including money, from an unmatured RRSP – You can transfer to:

Issue a T4RSP slip to the transferor. Do not issue a receipt and do not withhold tax. You can use Form T2220, Transfer from an RRSP, RRIF, PRPP or SPP to Another RRSP, RRIF, PRPP or SPP on Breakdown of Marriage or Common-law Partnership for transfers to a RRIF or an SPP transfer. For transfers to an RRSP, Form T2220 must be filled out. Do not send us a copy of the form.

Lump-sum payment from a DPSP – You can transfer to:

Do not issue a T4A slip or a receipt. Do not withhold tax. You can use Form T2151, Direct Transfer of a Single Amount Under Subsection 147(19) or Section 147.3 for this type of transfer.

Property, including money, from a RRIF – You can transfer to:

Issue a T4RIF slip to the transferor. Do not issue a receipt and do not withhold tax. You can use Form T2220, Transfer from an RRSP, RRIF, PRPP or SPP to Another RRSP, RRIF, PRPP or SPP on Breakdown of Marriage or Common-law Partnership for a transfer to a RRIF, an SPP. For a transfer to an RRSP, Form T2220 must be filled out. Do not send us a copy of the form.

Lump-sum payment from an SPP – You can transfer to:

Issue a T4A slip to the transferor. Do not issue a receipt. Do not withhold tax. You can use Form T2220, Transfer from an RRSP, RRIF, PRPP or SPP to Another RRSP, RRIF, PRPP or SPP on Breakdown of Marriage or Common-law Partnership for this type of transfer.

Property from  PRPP – You can transfer to:

Issue a T4A slip to the transferor. Do not issue a receipt. Do not withhold tax. You can use Form T2220, Transfer from an RRSP, RRIF, PRPP or SPP to Another RRSP, RRIF, PRPP or SPP on Breakdown of Marriage or Common-law Partnership for this type of transfer.

Payments that you transfer for non-residents of Canada

Lump-sum payment from a defined benefit RPP – You can transfer to:

Do not issue an NR4 slip. Do not issue a receipt and do not withhold tax. Form NRTA1, Authorization for Non-Resident Tax Exemption must be filled out to waive the requirement to withhold non-resident tax.

Lump-sum payment from a money purchase RPP – You can transfer to:

Do not issue an NR4 slip. Do not issue a receipt and do not withhold tax. Form NRTA1, Authorization for Non-Resident Tax Exemption must be filled out to waive the requirement to withhold non-resident tax.

Eligible portion of a retiring allowance – You can transfer to:

Do not issue an NR4 slip. Do not issue a receipt and do not withhold tax. Form NRTA1, Authorization for Non-Resident Tax Exemption must be filled out to waive the requirement to withhold non-resident tax.

Excess amounts from a RRIF – You can transfer to:

Do not issue an NR4 slip. Do not issue a receipt and do not withhold tax. Form NRTA1, Authorization for Non-Resident Tax Exemption must be filled out to waive the requirement to withhold non-resident tax.

Lump-sum payment from a DPSP – You can transfer to:

Do not issue an NR4 slip. Do not issue a receipt and do not withhold tax. Form NRTA1, Authorization for Non-Resident Tax Exemption must be filled out to waive the requirement to withhold non-resident tax.

Full or partial commutation of an RRSP annuity or refund of premiums paid to the beneficiary if the annuitant died – You can transfer to:

Do not issue an NR4 slip. Do not issue a receipt and do not withhold tax. Form NRTA1, Authorization for Non-Resident Tax Exemption must be filled out to waive the requirement to withhold non-resident tax.

Property, including money, from an unmatured RRSP – You can transfer to:

Do not issue an NR4 slip. Do not issue a receipt and do not withhold tax. Form NRTA1, Authorization for Non-Resident Tax Exemption must be filled out to waive the requirement to withhold non-resident tax.

Lump-sum payment from an SPP – You can transfer to:

Do not issue an NR4 slip. Do not issue a receipt and do not withhold tax. Form NRTA1, Authorization for Non-Resident Tax Exemption must be filled out to waive the requirement to withhold non-resident tax.

Property from a PRPP – You can transfer to:

Do not issue an NR4 slip. Do not issue a receipt and do not withhold tax. Form NRTA1, Authorization for Non-Resident Tax Exemption must be filled out to waive the requirement to withhold non-resident tax.

For information about other transfers not covered above, see Interpretation Bulletin IT-528 ARCHIVED, Transfers of Funds Between Registered Plans.

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