T2033 - Direct trans. - 146.3(14.1)

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Since 1999, the Canada Customs and Revenue Agency no longer provide printed copies of Form T2033, Direct Transfer Under Subsection 146.3(14.1), or Paragraph 146(16)(a) or 146.3(2)(e). As you know, Form T2033 is only one of many methods that can be used to record transfers described in subsection 146.3(14.1), or paragraph 146(16)(a) or 146.3(2)(e) of the Income Tax Act. Because none of these transfers are required to be made in prescribed form, you can record them using whatever method you choose. For example, you can:

• print Form T2033 yourself;
  
• adapt Form T2033 to better suit your and your clients’ needs;
  
• create your own transfer form; or
  
• conduct the transfers electronically or through other methods, to reduce the use of paper.
  
  

Regardless of the method you choose, you must ensure that the transfer information is maintained in an accessible and readable format. In addition, the transferor (plan issuer or fund carrier from whom the property is transferred) still maintains the responsibility for ensuring that both the needs of the annuitant and the transferee (plan issuer or fund carrier to whom the property is transferred) are met.

The transferor must ensure that all of the following information is provided to the transferee:

• name, social insurance number, address and telephone number of the annuitant;
  
• origin of the transferred funds (individual RRSP or RRIF number, and name);
  
• description of the amount to be transferred (all property, lump sum or payments / in cash or kind);
  
• description of the RRSP, RRIF, or RPP the funds are being transferred to (for an RRSP or RRIF provide the plan or fund name and number, for an RPP provide the Canada Customs and Revenue Agency registration number and name). In addition, you have to provide the name and address of the RRSP issuer, RRIF carrier, or RPP administrator;
  
• indication that the transfer is from a qualifying RRIF (if applicable);
  
• indication that the transfer is from a spousal or common-law partner RRSP or RRIF (if applicable); and
  
• indication that the transfer is from a locked-in plan (if applicable).
  

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Instructions

Who can use this form?

Carrier of a RRIF
You can use this form to record a direct transfer, under paragraph 146.3(2)(e), of all or part of the property of the fund to the carrier of another RRIF that has the same annuitant. You can also use this form to record a direct transfer of all or part of an excess amount from a RRIF to another RRIF that has the same annuitant. Since January 1, 2004, you can record a direct transfer under subsection 146.3(14.1) from an annuitant's RRIF to a money purchase provision of an RPP for which the annuitant was a member before the transfer.

Issuer of an unmatured RRSP
You can use this form to record a direct transfer, under paragraph 146(16)(a), of all or part of the property of the plan to:

• the issuer of another RRSP having the same annuitant;
  
• the carrier of a RRIF having the same annuitant; or
  
• the administrator of a registered pension plan (RPP), for credit to the account of the annuitant as a member under that plan.
  
  Note
  You do not have to use this form. If, as the transferor, you provide the transferee with the information required to correctly complete the transfer (e.g., funds are from a locked-in plan, funds are from a spousal or common-law partner plan, or funds are from a qualifying RRIF) you can use the method of documentation of your choice.
  
  Do not use this form for:
  
• a direct transfer of a full or partial commutation of an RRSP annuity to another RRSP or to a RRIF (use Form T2030, Direct Transfer Under Subparagraph 60(l)(v), instead);
  
• a direct transfer of an excess amount from a RRIF to an RRSP (use Form T2030 instead); or
  
• a direct transfer from an RRSP or RRIF because of the breakdown of a marriage or common-law relationship (use Form T2220, Transfer From an RRSP or a RRIF to Another RRSP or RRIF on Breakdown of Marriage or Common-Law Partnership, instead).
  

  Who completes this form?

  Area I
  The annuitant asking for the transfer completes and signs Area I. Four copies of the form have to be given to the RRSP issuer, RRIF carrier, or RPP administrator to which the property is to be transferred (the transferee). In place of a signature, the transferee who completes Area I for the annuitant can attach a copy of a signed letter from the annuitant asking for the direct transfer.
  
  Area II
  The transferee completes and signs Area II. The transferee sends all copies to the RRSP issuer or RRIF carrier from which the property is to be transferred (the transferor).
  
  Area III
  The transferor completes and signs Area III. The transferor keeps one copy, and sends the remaining three copies to the transferee, along with the property being transferred.
  
  Area IV
  The transferee completes and signs Area IV of all copies. The transferee keeps one copy, returns one to the transferor, and gives the last one to the annuitant.
  

  Reporting requirements

  A direct transfer under subsection 146.3(14.1) or paragraphs 146(16)(a) or 146.3(2)(e) does not cause the amount transferred to become income of the annuitant. Consequently, the transferor should not report the amount transferred on a T4RSP or T4RIF slip. Similarly, the transferee should not issue an official receipt, since the annuitant cannot deduct the amount transferred.
  

  Other requirements

  A RRIF carrier that makes a direct transfer under subsection 146.3(14.1) or paragraph 146.3(2)(e) has to pay the annuitant the minimum amount for the year.
  
  In all cases, the transferor should not withhold income tax from the amount directly transferred under subsection 146.3(14.1) or paragraphs 146(16)(a) or 146.3(2)(e).
  

  Definitions

  Annuitant - The person who is entitled to receive payments from an RRSP or a RRIF.
  
  Individual plan number or individual fund number - The individual account, contract, certificate, or other identifier number that the RRSP issuer or RRIF carrier assigns.
  
  Qualifying RRIF - A RRIF established before 1993, that has no property transferred or contributed to it after 1992, or any RRIF established after 1992, that contains only property transferred from a qualifying RRIF.
  
  RPP administrator - The person or organization that is responsible for administering the RPP.
  
  RRIF carrier - A person described in subsection 146.3(1), with whom an annuitant has an arrangement that is a RRIF.
  
  RRSP issuer - A person described in subsection 146(1), with whom an annuitant has a contract or arrangement that is an RRSP.