Transfers to a PRPP
You can directly transfer amounts to your PRPP from another PRPP that you hold. You can also transfer amounts to your PRPP from your RRSP, RRIF, or DPSP under which you are the annuitant or member.
You can also transfer funds to your PRPP account from the same plans belonging to your spouse or common-law partner when you are entitled to those amounts because of a breakdown of the marriage or common-law partnership or death.
Transfers from a PRPP
You can directly transfer amounts from your PRPP funds to another PRPP that you hold. You can also transfer amounts from your PRPP to your RRSP or RRIF under which you are the annuitant.
The same transfers can be made for your spouse or common-law partner if he or she is entitled to the amount because of a breakdown of the marriage or common-law partnership or death.
For deaths occurring after March 3, 2010, the existing RRSP rollover rules are extended to allow a rollover of a deceased member’s PRPP proceeds to the registered disability savings plan of an eligible individual.
Amounts can also be transferred to a licensed annuity provider to acquire a qualifying annuity. However, if PRPP amounts are transferred to purchase a qualifying annuity, and there is an amount paid out of the annuity in the year, the amount paid out is to be included in the income tax and benefit return of the annuitant for the year of transfer.
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