Transfer of funds
You can transfer certain types of amounts from one registered plan to another, or to an annuity, such as:
- a registered pension plan (RPP)
- a registered retirement pension plan (RRSP)
- a registered retirement income fund (RRIF)
- a pooled registered pension plan (PRPP)
- an annuity
- a specified pension plan (SPP)
- an advanced life deferred annuity (ALDA)
- a first home savings account (FHSA)
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:
- modify the CRA form to add all the additional information you or your client needs to report
- develop your own form or facsimile for the type of transaction
- do the transfer online or by other means to eliminate the need for a paper copy
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
- RRSP commutation payment
- Excess amount from a RRIF under 60(l)(v)
- Property from an unmatured RRSP
- Property from a RRIF (excess amount)
- Lump-sum payment from a defined benefit RPP
- Lump-sum payment from a money purchase RPP
- Lump-sum payment from a DPSP
- Lump-sum payment from an SPP
- Property from a PRPP
- Property from an FHSA
- Lump-sum payment from a RPP
- Property, including money, from an unmatured RRSP
- Lump-sum payment from a DPSP
- Property, including money, from a RRIF
- Lump-sum payment from an SPP
- Property from a PRPP
- Property from an FHSA
Payments that you transfer for non-residents of Canada
- Lump-sum from a defined benefit RPP
- Lump-sum from a money purchase RPP
- Eligible portion of a retiring allowance
- Excess amounts from a RRIF
- Lump-sum payment from a DPSP
- Full or partial commutation of an RRSP annuity, or refund of premiums paid to the beneficiary if the annuitant died
- Property, including money, from an unmatured RRSP
- Property from an SPP
- Property from a PRPP
- Property from an FHSA
Payments that you have to transfer directly
RRSP commutation payment – You can transfer to:
- an RRSP
- a RRIF
- a PRPP
- an annuity
- an SPP
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.
RRSP commutation payment
- an RRSP
- a RRIF
- a PRPP
- an annuity
- an SPP
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.
Excess amount from a RRIF under 60(l)(v) – You can transfer to:
- an RRSP
- a RRIF
- a PRPP
- an annuity
- an SPP
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. For other transfers, do not withhold tax if Form T2030, Direct Transfer Under Subparagraph 60(l)(v) is filled out.
Property from an unmatured RRSP – You can transfer to:
- an RPP
- an RRSP
- a RRIF
- a PRPP
- an SPP
- an ALDA
- an FHSA
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. For an FHSA transfer, issue a T4RSP slip and use Form RC720 Transfer from your RRSP to your FHSA
Property from a RRIF (excess amount) – You can transfer to:
- an RPP
- a RRIF
- a PRPP
- an SPP
- an ALDA
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:
- an RPP
- an RRSP
- a RRIF
- a PRPP
- an SPP
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:
- an RPP
- an RRSP
- a RRIF
- a PRPP
- an SPP
- an ALDA
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:
- an RPP
- an RRSP
- a RRIF
- a PRPP
- an SPP
- an ALDA
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:
- an RRSP
- a RRIF
- an annuity
- a PRPP
- an SPP
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:
- an RPP
- an RRSP
- a RRIF
- an annuity
- a PRPP
- an SPP
- an ALDA
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.
Property from an FHSA – You can transfer to:
- an RRSP
- a RRIF
- an FHSA
This is an amount that the FHSA holder transfers from their FHSA to an RRSP or RRIF under which they are the annuitant. You can use Form RC721 Transfer from your FHSA to your FHSA, RRSP or RRIF for this type of transfer. This also includes an amount from the current or former spouse’s or common-law partner’s FHSA, in the event of the death of the current or former spouse or common law partner. You can use Form RC722 Transfer from an FHSA to an FHSA, RRSP or RRIF After the Death of the Holder for this type of transfer. Do not issue a T4FHSA slip. Do not withhold tax
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:
- an RPP
- an RRSP
- a RRIF
- a PRPP
- an SPP
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:
- an RRSP
- a RRIF
- a PRPP
- an SPP
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 a copy of the form to the CRA.
Lump-sum payment from a DPSP – You can transfer to:
- an RPP
- an RRSP
- a RRIF
- a PRPP
- an SPP
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:
- an RRSP
- a RRIF
- a PRPP
- an SPP
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 a copy of the form to the CRA.
Lump-sum payment from an SPP – You can transfer to:
- an RRSP
- a RRIF
- a PRPP
- an annuity
- an SPP
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:
- an RPP
- an RRSP
- a RRIF
- a PRPP
- an annuity
- an SPP
Do not Issue a T4A slip or a receipt. Do not withhold tax. You can use Form RC723 Transfer from an FHSA to another FHSA, RRSP or RRIF on Breakdown of Marriage or Common-law Partnership for this type of transfer.
Property from an FHSA – You can transfer to:
- an RRSP
- a RRIF
- an FHSA
Do not Issue a T4A slip or 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:
- an RPP
- an RRSP
- a RRIF
- an SPP
- a PRPP
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:
- an RPP
- an RRSP
- a RRIF
- an SPP
- a PRPP
- an ALDA
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:
- an RPP
- an RRSP
- an SPP
- a PRPP
Issue an NR4 slip and a receipt. 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:
- an RRSP
- a RRIF
- an annuity
- an SPP
- a PRPP
- an ALDA
Do not issue an NR4 slip or a receipt. 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:
- an RPP
- an RRSP
- a RRIF
- an SPP
- a PRPP
- an ALDA
Do not issue an NR4 slip or a receipt. 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:
- an RRSP
- a RRIF
- an annuity
- an SPP
- a PRPP
Do not issue an NR4 slip or a receipt. 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:
- an RPP
- an RRSP
- a RRIF
- an SPP
- a PRPP
- an ALDA
- an FHSA
Do not issue an NR4 slip or a receipt. 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:
- an RRSP
- a RRIF
- an annuity
- an SPP
- a PRPP
Do not issue an NR4 slip or a receipt. 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:
- an RPP
- an RRSP
- a RRIF
- an annuity
- an SPP
- a PRPP
- an ALDA
Do not issue an NR4 slip or a receipt. 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 an FHSA – You can transfer to:
- an RRSP
- a RRIF
- an FHSA
Do not issue an NR4 slip or a receipt. 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, refer to Interpretation Bulletin IT-528 ARCHIVED, Transfers of Funds Between Registered Plans.
Forms and publications
- Interpretation Bulletin IT-528, Transfers of Funds Between Registered Plans
- 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)
- Form T2151, Direct Transfer of a Single Amount Under Subsection 147(19) or Section 147.3
- Form T2220, Transfer From an RRSP, RRIF, PRPP, or SPP to Another RRSP, RRIF, or SPP on Breakdown of Marriage or Common-Law Partnership
- Form NRTA1, Authorization for Non-Resident Tax Exemption
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