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  • T2033 - Direct trans. - 146.3(14.1)


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. You can also record a direct transfer under subsection 146.3(14.1) from an annuitant's RRIF to a specified pension plan that has the same member, or 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 one of the following:

  • the issuer of another RRSP having the same annuitant

  • the carrier of a RRIF having the same annuitant

  • the administrator of an RPP, a PRPP or an SPP, for credit to the account of the annuitant as a member under that plan

Administrator of an SPP or PRPP

You can use this form to record a direct transfer, under subsections 146(21) or 147.5(21) of all or part of the property of a member's account under the plan to one of the following:

  • the issuer of an RRSP, or the carrier of a RRIF, under which the member is an annuitant

  • a licenced annuity provider to acquire a qualifying annuity for the member

  • the administrator of a PRPP, for credit to the account of the member as a member of that plan

  • the administrator of an SPP or RPP (only where the transfer is made from a PRPP, under subsection 147.5(21)), for credit to the account of the member as a member under that plan.

    Note
    You do not have to use this form. You can choose any registration method provided that you give the transferee the information needed to correctly complete the transfer (for example, funds are from a locked-in plan, funds are from a spousal or common-law partner plan, or funds are from a qualifying RRIF).

Do not use this form for the following transfers:

  • a direct transfer of a full or partial commutation of an RRSP annuity to another RRSP, or to an SPP, a PRPP, or 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, an SPP or a PRPP (use Form T2030 instead); or

  • a direct transfer from an RRSP, an SPP, a PRPP, or a RRIF because of the breakdown of a marriage or common-law relationship (use Form T2220, Transfer from an RRSP, RRIF, PRPP or SPP to Another RRSP, RRIF, or SPP on Breakdown of Marriage or Common-law Partnership, instead)

Who fills out this form

  • Section 1 – The annuitant or member requesting the transfer fills out Section 1. The annuitant or member then prints and signs four copies of the form and gives them to the new RRSP issuer, RRIF carrier, SPP, RPP, or PRPP administrator to which the property is to be transferred (the transferee). If the transferee has a signed letter from the applicant requesting the direct transfer, the transferee must attach the letter and fill out and sign Section 1 of all four copies for the applicant.

  • Section 2 – The transferee fills out and signs Section 2 of all four copies. The transferee then sends all copies to the previous RRSP issuer, RRIF carrier, SPP, RPP, or PRPP administrator that will be transferring the property (the transferor).

  • Section 3 – The transferor fills out and signs Section 3 of all four copies. The transferor then keeps one copy and returns the remaining three copies to the transferee, along with the property being transferred.

  • Section 4 – The transferee fills out and signs Section 4 of the remaining three copies. The transferee then returns a copy to the transferor, sends a copy to the annuitant or member, and keeps one copy for record purposes.

Do not send a copy of this form to the Canada Revenue Agency (CRA) unless the CRA asks to see it.

Reporting requirements

A direct transfer under subsection 146.3(14.1), 146(21) or 147.5(21), or paragraphs 146(16)(a) or 146.3(2)(e) does not cause the amount transferred to become income of the annuitant or member. So, the transferor should not report the amount transferred on a T4RSP, T4RIF, or T4A slip. Similarly, the transferee should not issue a receipt, since the annuitant or member 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 or member the minimum amount for the year.

In all cases, the transferor should not withhold income tax from the amount directly transferred under subsections 146.3(14.1),146(21), 147.5(21), or paragraphs 146(16)(a) or 146.3(2)(e).

Definitions

Administrator – the person, organization, or institution that is responsible for administering an RPP, an SPP, or a PRPP.

Annuitant – the person who is entitled to receive payments from an RRSP or a RRIF.

Common-law partner – a person who is not your spouse, with whom you are living in a conjugal relationship, and to whom at least one of the following situations applies. The person:

  • has been living with you in a conjugal relationship and this current relationship has lasted for at least 12 continuous months

    Note

    In this definition, "12 continuous months" includes any period that you were separated for less than 90 days because of a breakdown in the relationship.

  • is the parent of your child by birth or adoption

  • has custody and control of your child (or had custody and control immediately before the child turned 19 years of age) and your child is wholly dependent on that person for support

Member – an individual (other than a trust) who holds an account under the plan and who is entitled to receive payments from an SPP, RPP, or PRPP.

PRPP – a retirement savings plan to which you or your participating employer or both can contribute. Any income earned in the PRPP is usually exempt from tax as long as it remains in the plan.

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.

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.

Spouse – a person to whom you are legally married.

SPP – a pension plan or similar arrangement that has been prescribed under the Income Tax Regulations as a "specified pension plan" for the purposes of the ITA. Many of the rules related to RRSPs also apply to SPPs.

Transferee – the administrator, or issuer of the plan, or carrier of the fund to whom the amount is transferred.

Transferor – the administrator, or issuer of the plan, or carrier of the fund from whom the amount is transferred.