Property from an unmatured RRSP

Property from an unmatured RRSP is a payment from an RRSP that has not started to pay retirement income to an annuitant. This payment can be transferred directly to your RRSP, RRIF, RPP, SPP, PRPP or ALDA.

You can also transfer payments from an unmatured RRSP under which your current or former spouse or common-law partner is the annuitant, if you and your current or former spouse or common-law partner were living separate and apart at the time of the transfer and if the transfer is made: 

• under a decree, order or judgment of a court, or under a written separation agreement
• to settle rights arising out of your relationship on or after the breakdown of your relationship

Filling out your income tax and benefit return

If you transferred the amount directly, do not claim a deduction for the amount directly transferred and do not report the income on your income tax and benefit return.

A T4RSP slip will be issued to you with an entry in box 35. You and the RRSP issuer should fill out 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, although you do not have to use this form. The institution that transfers your payment may use other types of documents to record the transfer. The institution has to provide you with confirmation of the details of the transfer.

Any amounts withdrawn after the transfer date are taxable to you.

Forms and publications

• Guide T4040, RRSPs and Other Registered Plans for Retirement
• 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