How registered transfers work
Direct transfer versus withdrawal. The entire point of these forms is to move money directly between plans, institution to institution, so the funds are never paid to you. A direct transfer has no immediate tax consequences: no withholding tax, no income inclusion and, for RRSP-type transfers, no new contribution room used. If you instead withdraw the money yourself and re-contribute it, you generally trigger withholding tax, taxable income, or contribution-room problems.
Most of these forms are optional — and almost nobody says so. The CRA states directly that it is no longer mandatory to use Form T2033 to transfer property from a RRIF, and that you do not have to use the other forms for transfers between registered plans: institutions may record the transfer with their own documents, a modified CRA form, or entirely online. That is why your bank hands you its own paperwork instead. The CRA forms remain the clearest common language for what is being moved and why, which is what makes them worth understanding. Two are genuinely compulsory: T2220 must be completed for a transfer to an RRSP on the breakdown of a marriage or common-law partnership, and NRTA1 must be completed to waive non-resident withholding tax.
Who actually files these forms? Almost always the receiving institution initiates the paperwork. You sign your section, the receiving institution certifies it will register the funds correctly, and the sending institution completes its part when it pays out. With two exceptions — RC240 and RC724, which have hard CRA filing deadlines — the forms are not mailed to the CRA. The institutions keep them on file to justify why no tax slip income results, or why offsetting slips and receipts are issued.
The quick decision table
| You're moving… | Use |
|---|---|
| RRSP to RRSP, RRSP to RRIF, RRIF to RRIF, including changing institutions | T2033 |
| RRIF excess amount to an RRSP or RRIF, or a commuted RRSP annuity | T2030 |
| Employer pension (RPP) or DPSP to a LIRA, locked-in RRSP, RRSP or another RPP | T2151 |
| RRSP to FHSA | RC720 |
| FHSA to FHSA, RRSP or RRIF | RC721 |
| Any registered plan to an ALDA | T2157 |
| RRSP or RRIF split after divorce or separation | T2220 |
| FHSA split after divorce or separation | RC723 |
| Deceased spouse's FHSA to your FHSA, RRSP or RRIF | RC722, plus RC724 if paid via the estate |
| Deceased spouse's TFSA to your TFSA | RC240 |
| TFSA to TFSA, changing institutions | No CRA form — the receiving institution's own form |
| You're a non-resident doing any of the above | Add NRTA1 |
Core direct-transfer forms
T2033 — Direct Transfer (RRSP, RRIF, SPP, PRPP)
Official title: Direct Transfer Under Subsection 146.3(14.1), 147.5(21) or 146(21), or Paragraph 146(16)(a) or 146.3(2)(e)
What it does
The workhorse of registered transfers. Authorizes a direct, tax-deferred transfer of property from an unmatured RRSP, a RRIF, an SPP or a PRPP to another RRSP, RRIF, SPP, PRPP, RPP, or to buy an eligible annuity.
When to use it
- Moving your RRSP or RRIF from one institution to another (bank to brokerage, and so on)
- Consolidating multiple RRSPs into one
- Converting between plan types, such as RRSP to RRIF before the mandatory age-71 conversion
- Transferring RRSP money into your employer's RPP to buy past service
How it's completed
Area I (you, the annuitant or member): Part A identifies the plan the money is coming from and its issuer; Part B sets out what is being transferred — all of the property, part in a single payment, or part in several payments — and whether in cash or in kind (in kind means your investments move as-is without being sold); Part C identifies the receiving plan and institution. Area II (receiving institution) certifies the receiving plan is registered and the funds will be credited correctly. The final area is completed by the sending institution when payment is actually made. In practice you sign one form at the receiving institution and they handle the rest.
Tax treatment
- No withholding tax, no income to report, no RRSP deduction, no contribution room used
- For RRIF transfers, the minimum annual payment for the year cannot be transferred — the sending institution must pay it to you, taxable, before or with the transfer
Common pitfalls
- Withdrawing cash yourself to “move” an RRSP — that is a taxable withdrawal, and the room is gone permanently
- Forgetting the RRIF minimum: the transfer will be short by that amount by design, not by error
- Transfer fees: the sending institution often charges $50–$150, and many receiving institutions reimburse it if you ask
T2151 — Direct Transfer of a Single Amount (RPP / DPSP)
Official title: Direct Transfer of a Single Amount Under Subsection 147(19) or Section 147.3
What it does
Moves a lump sum out of an employer registered pension plan (RPP) or deferred profit sharing plan (DPSP) into another registered vehicle. This is the form for taking the commuted value of a pension when you leave a job.
When to use it
- Leaving an employer and transferring the commuted value of a defined-benefit pension to a LIRA or locked-in RRSP
- Transferring a defined-contribution RPP balance to a LIRA or another RPP
- Moving DPSP money to an RRSP or RPP
- Transferring the non-locked-in portion, such as excess contributions, to a regular RRSP
How it's completed
Area I (you, the applicant): personal details, the plan you are transferring from, and where the money is going. Complete a separate T2151 for each receiving account — locked-in and non-locked-in portions must go to different accounts. Area II (sending plan administrator) certifies your entitlement, the locked-in status of the funds, and Income Tax Act compliance. Area III (receiving institution) confirms the funds will be credited to a properly registered account, with the correct pension-jurisdiction locking-in addendum where applicable.
Tax treatment
- The direct transfer itself is tax-deferred, but with a critical exception: for defined-benefit pensions the Income Tax Act caps the tax-sheltered amount (the “maximum transfer value” under s.147.3(4)). Any commuted value above the cap is paid out in cash and fully taxable in that year. This surprises many people with large DB pensions in low-interest-rate environments
- No contribution room is used for the sheltered portion
Common pitfalls
- Confusing it with T2033 — T2151 is for pension and DPSP money, T2033 for RRSP and RRIF money
- Not planning for the taxable excess above the maximum transfer value. RRSP room, if you have any, can absorb some of it
- Missing the plan's deadline: commuted-value offers are typically valid only for a limited window, and DB values move with interest rates
- Forgetting that the receiving account needs the right provincial or federal locking-in addendum — the CRA form alone is not enough
A commuted value is the largest single financial decision most people ever make.
Take the pension or take the cash, how much lands above the maximum transfer value and is taxable this year, whether your RRSP room can absorb any of it, and which jurisdiction's locking-in rules follow the money — these interact, and the offer usually expires. One vetted advisor in your province will walk through it with you, free.
Talk to an advisor about my pensionT2030 — Direct Transfer Under Subparagraph 60(l)(v)
Official title: Direct Transfer Under Subparagraph 60(l)(v)
What it does
A specialised companion to T2033. It handles direct transfers of amounts that would otherwise be taxable income but qualify for an offsetting deduction under paragraph 60(l) — chiefly excess amounts withdrawn from a RRIF and commutation payments from an RRSP annuity — into an RRSP, RRIF or eligible annuity.
When to use it
- You are taking more than the minimum out of a RRIF and want the excess moved directly to an RRSP (only possible before the end of the year you turn 71) or to another RRIF
- You are commuting a fixed-term RRSP annuity and rolling the payment into another registered vehicle
How it's completed
The same three-party pattern: you request and identify the plans, the receiving institution certifies registration, and the sending institution executes.
Tax treatment
- This one works differently from T2033 — it is a reported transfer. The sending institution issues a T4RIF or T4RSP slip showing the amount as income (for a RRIF the taxable amount appears in box 16, with box 24 showing the excess for information)
- The receiving institution issues an official receipt and you claim an equal deduction under 60(l) — line 20800 if it went to an RRSP, line 23200 if to a RRIF or annuity
- Net result: zero tax, but both entries appear on your T1
Common pitfalls
- Expecting no tax slips — you will get slips, and you must claim the offsetting deduction or you will be taxed
- Trying to transfer the RRIF minimum amount. The minimum can never be transferred or rolled over
- Using T2033 when the amount is a RRIF excess: institutions may reject the wrong form
T2157 — Direct Transfer to Purchase an ALDA
Official title: Direct Transfer from a Registered Plan to Purchase an ALDA
What it does
Authorises a direct transfer from an RRSP, RRIF, DC RPP, DPSP or PRPP to a licensed annuity provider to purchase an Advanced Life Deferred Annuity — an annuity whose payments can be deferred as late as the end of the year you turn 85, letting you push longevity insurance past the normal RRIF schedule.
When to use it
- Buying an ALDA as part of a decumulation strategy, typically between ages 55 and 75
How it's completed
You complete the applicant section identifying the source plan and the annuity provider, the provider certifies the contract qualifies as an ALDA, and the sending institution executes the transfer.
Tax treatment
- Tax-deferred at transfer; ALDA payments are taxable when received
- Lifetime ALDA limit: transfers are capped at 25% of the source plan's value and a lifetime dollar maximum of $180,000 for 2026 (indexed in $10,000 increments; it was $170,000 in 2024 and $180,000 in 2025). Excess transfers attract a 1% per month penalty tax until removed
Common pitfalls
- Exceeding the 25% or lifetime dollar cap — the penalty accrues monthly
- Few insurers offer ALDAs. Confirm the product actually qualifies before signing
FHSA transfer forms
RC720 — Transfer from your RRSP to your FHSA
Official title: Transfer from your RRSP to your FHSA
What it does
Moves money from your RRSP into your FHSA as a direct, tax-free transfer.
When to use it
- You have RRSP savings and want to redirect them toward a first-home purchase inside an FHSA. FHSA withdrawals for a qualifying home are tax-free — unlike the RRSP Home Buyers' Plan, nothing has to be repaid
How it's completed
You complete and sign the form identifying both plans. Both must be in your own name — no spousal RRSP as the source unless you are the annuitant. The FHSA issuer and RRSP issuer complete their certifications and move the funds.
Tax treatment
- No immediate tax consequences for a proper direct transfer
- The transfer uses up your FHSA participation room (maximum $8,000 a year, $40,000 lifetime) but is not deductible — you already took the deduction when you contributed to the RRSP
- Your RRSP contribution room is not restored. It is permanently consumed
Common pitfalls
- Transferring more than your unused FHSA participation room creates an excess FHSA amount taxed at 1% per month
- Expecting a second deduction — a transfer is not a contribution
- If the deduction matters to you, note that a fresh cash FHSA contribution is deductible while a transfer is not. Some people are better off contributing cash and leaving the RRSP alone
RC721 — Transfer from your FHSA to your FHSA, RRSP or RRIF
Official title: Transfer from your FHSA to your FHSA, RRSP or RRIF
What it does
The all-purpose outbound FHSA form: moves money from your FHSA to another FHSA (changing institutions) or to your RRSP or RRIF.
When to use it
- Switching FHSA providers
- Winding down an FHSA without buying a home. Your FHSA must close by 31 December of the year of your 15th anniversary of opening it, the year you turn 71, or the year after your first qualifying withdrawal, whichever comes first. Transferring to an RRSP or RRIF preserves the tax shelter
- Moving FHSA funds to an RRSP at any time, for instance if you have decided not to buy
How it's completed
You identify the source FHSA and the receiving plan and sign; the issuers certify and execute.
Tax treatment
- Direct transfers are tax-free
- FHSA to RRSP or RRIF transfers do not require or use RRSP contribution room — effectively bonus RRSP room, and one of the FHSA's best features
- FHSA to FHSA transfers do not affect participation room
- Exception: if you have an excess FHSA amount, transfers up to that excess are treated differently — a “designated transfer” removes the excess without restoring room
Common pitfalls
- Withdrawing instead of transferring. A non-qualifying FHSA withdrawal is fully taxable with withholding
- Missing the maximum participation period and having the account deemed closed with a taxable payout
Separation, death and non-resident forms
RC722 — Transfer from an FHSA After the Death of the Holder
Official title: Transfer from an FHSA to an FHSA, RRSP or RRIF After the Death of the Holder
What it does
Lets a surviving spouse or common-law partner who is the beneficiary of a deceased holder's FHSA move those funds directly into their own FHSA, RRSP or RRIF without tax.
When to use it
- Your spouse or partner died holding an FHSA and named you beneficiary, or you are entitled under the will, and you want the money in your own registered plan rather than as taxable cash
How it's completed
The survivor completes and signs, identifying the deceased's FHSA and the receiving plan; both issuers certify and execute.
Tax treatment
- Tax-deferred or tax-free rollover into the survivor's plan
- A transfer to the survivor's own FHSA does not use their FHSA participation room, though they must be eligible to hold an FHSA; a transfer to their RRSP or RRIF does not use RRSP room
- If paid out in cash to the survivor instead, it is taxable income to them
Common pitfalls
- Only a spouse or common-law partner can use this rollover. Other beneficiaries receive a taxable distribution
- The transfer must occur by the end of the year following the year of death — the FHSA's “exempt period”
RC723 — Transfer from an FHSA on Breakdown of Marriage
Official title: Transfer from an FHSA to another FHSA, RRSP or RRIF on Breakdown of Marriage or Common-law Partnership
What it does
The FHSA equivalent of T2220: splits FHSA assets between separating spouses or partners by direct transfer to the recipient's FHSA, RRSP or RRIF.
When to use it
- You and your spouse or partner are dividing property after a breakdown of the relationship, under a decree, court order or written separation agreement, and part of an FHSA is going to the other party
How it's completed
Both parties' details, the entitlement (court order or written agreement) and the receiving plan are identified; the recipient signs, and the issuers certify and execute.
Tax treatment
- Tax-free direct transfer
- Does not use the recipient's FHSA participation room or RRSP room, and does not restore the transferor's FHSA room
Common pitfalls
- You must be living separate and apart at the time of transfer, and the split must stem from the relationship breakdown. Informal splits do not qualify
- If the recipient takes cash instead, it is taxable to the original holder in most scenarios
RC724 — Joint Designation on Death of FHSA HolderFiled with the CRA
Official title: Joint Designation for a Deemed Transfer or Distribution from an FHSA after the Death of the Holder
What it does
Used when the deceased holder's FHSA passes through the estate (no direct beneficiary designation) but the surviving spouse or partner is a beneficiary of the estate. The survivor and the estate's legal representative jointly designate amounts so they are treated as if transferred or distributed directly to the survivor, recovering the rollover treatment RC722 would have provided.
When to use it
- No beneficiary was named on the FHSA, or the estate is the beneficiary, the will leaves some or all of it to the spouse or partner, and you want the tax result of a direct rollover
How it's completed
Completed and signed jointly by the survivor and the executor or liquidator, then filed with the CRA within 60 days of the distribution or completed transfer — unlike most forms in this guide — with copies to the issuer.
Deadline: Filed with the CRA within 60 days of the distribution or completed transfer
Tax treatment
- Designated amounts transferred to the survivor's FHSA, RRSP or RRIF get rollover treatment; designated cash distributions are taxed to the survivor rather than the estate
Common pitfalls
- Skipping the form means the payout is taxed with no rollover option
- Deadlines are tied to the FHSA's exempt period, the end of the year after death. Estates that move slowly can forfeit the rollover
T2220 — Transfer on Breakdown of Marriage (RRSP / RRIF)
Official title: Transfer from an RRSP, RRIF, PRPP or SPP to Another RRSP, RRIF, PRPP or SPP on Breakdown of Marriage or Common-law Partnership
What it does
Splits RRSP, RRIF, PRPP or SPP assets between separating spouses or partners by direct transfer into the recipient's own plan, tax-free.
When to use it
- Equalisation of family property after separation or divorce, where the settlement allocates part of one party's registered assets to the other under a decree, order, judgment or written separation agreement
How it's completed
The annuitant (transferor) and recipient complete their sections and the basis of entitlement is identified — institutions will typically ask for a copy of the order or agreement. Both institutions certify and execute, and the form is kept on file rather than sent to the CRA.
Tax treatment
- No tax to either party at transfer. Funds land in the recipient's plan and are taxed to the recipient on eventual withdrawal
- No contribution room used by the recipient, and no deduction for the transferor
- Spousal-RRSP attribution rules do not apply to later withdrawals from amounts transferred this way
Common pitfalls
- The parties must be living separate and apart when the transfer happens
- Cashing out and paying the ex-spouse a cheque instead: the annuitant absorbs all the tax
- A verbal agreement is not enough. You need the written agreement or order first
RC240 — TFSA Exempt Contribution (Death of Holder)Filed with the CRA
Official title: Designation of an Exempt Contribution — Tax-Free Savings Account (TFSA)
What it does
Lets a surviving spouse or common-law partner who receives a payment from a deceased holder's TFSA (a “survivor payment”) contribute it to their own TFSA without using any contribution room, by designating it an exempt contribution.
When to use it
- Your spouse or partner died holding a TFSA, you received a payment from it directly or through the estate, and you want it inside your own TFSA without burning contribution room
How it's completed
The survivor payment must be contributed to your TFSA during the rollover period: by 31 December of the year following the year of death. You must then file RC240 with the CRA within 30 days after making the contribution — one of the few forms in this guide actually sent to the CRA. The exempt amount is capped at the TFSA's fair market value at the date of death; growth after death does not qualify and would need real contribution room.
Deadline: Filed with the CRA within 30 days after the contribution is made
Tax treatment
- The designated amount does not use any of the survivor's TFSA contribution room
Common pitfalls
- Missing the 30-day filing window. The contribution then counts against room, potentially triggering the 1% per month over-contribution tax
- Designating more than fair market value at death
- Not realising that a successor holder designation would have avoided the whole exercise. If the survivor was named successor holder, the TFSA simply becomes theirs — room-free and form-free
NRTA1 — Authorization for Non-Resident Tax Exemption
Official title: Authorization for Non-Resident Tax Exemption
What it does
When the plan holder is a non-resident of Canada, payments from registered plans are normally subject to Part XIII non-resident withholding tax — even on a direct transfer. NRTA1 authorises the payer to move the funds without withholding, because the amount is going straight into another Canadian registered plan.
When to use it
- You have left Canada but still hold Canadian registered accounts and want to consolidate or transfer them — RRSP to RRSP, pension commuted value to a LIRA, and so on. File NRTA1 alongside the applicable transfer form
How it's completed
You complete the authorisation identifying yourself, the payer and the receiving plan. The payer keeps it as its authority to skip withholding.
Tax treatment
- Removes Canadian Part XIII withholding on a qualifying direct transfer
Common pitfalls
- Institutions unfamiliar with non-resident transfers may withhold 25% by default. Get the NRTA1 in before the transfer, not after
- NRTA1 covers Canadian withholding only. Your country of residence may still have its own reporting and tax treatment
The one with no form: TFSA to TFSA
Moving a TFSA between institutions uses the receiving institution's own transfer-authorisation form — there is no CRA form. Handled as a direct transfer, it has no effect on contribution room.
Never withdraw and re-contribute to switch institutions in the same year. The re-contribution uses current room, and if you do not have enough, the CRA charges 1% per month on the excess. Withdrawn amounts are only added back to your room on 1 January of the following year.
Reminders that apply to every form here
- Start at the receiving institution. They want your money and will do the paperwork, chase the sending institution, and often reimburse transfer-out fees.
- Direct means direct. The money must move institution to institution. A cheque made out to you breaks the tax deferral, apart from narrow 60-day RRSP rules that are best avoided.
- In cash versus in kind. Most forms let you choose. In kind avoids being out of the market and avoids realising anything, but the receiving institution must be able to hold the same investments.
- Locked-in money stays locked in. Pension-source funds keep their locking-in status and jurisdiction through every transfer, and the receiving account needs the matching addendum.
- Timelines. Transfers typically take two to six weeks. RC240 (30 days to file) and death-related FHSA rollovers (end of the year after death) have hard statutory deadlines.
- Keep copies. These forms are your evidence if a slip is issued in error and the CRA asks why an amount was not reported as income.
Frequently asked questions
Do I have to use the CRA transfer forms?
Mostly no. The CRA states that it is no longer mandatory to use Form T2033 to transfer property from a RRIF, and that you do not have to use the other forms for transfers between registered plans — institutions may record a transfer using their own documents, a modified CRA form, or an online process. Two are compulsory: T2220 must be filled out for a transfer to an RRSP on the breakdown of a marriage or common-law partnership, and NRTA1 must be filled out to waive non-resident withholding tax.
Which CRA form do I need to transfer an RRSP to another bank?
Form T2033. It authorises a direct, tax-deferred transfer from an unmatured RRSP, a RRIF, an SPP or a PRPP to another RRSP, RRIF, SPP, PRPP or RPP, or to buy an eligible annuity. You normally sign it at the receiving institution and they handle the rest. Nothing is withheld, no income is reported and no contribution room is used.
Do I pay tax when I transfer a registered account between institutions?
No, provided it is a direct transfer. The point of these forms is to move money institution-to-institution so the funds are never paid to you: there is no withholding tax, no income inclusion and, for RRSP-type transfers, no new contribution room used. If you instead withdraw the money yourself and re-contribute it, you generally trigger withholding tax, taxable income, or contribution-room problems.
What form transfers a pension commuted value when I leave a job?
Form T2151. It moves a lump sum out of an employer registered pension plan or a deferred profit sharing plan into a LIRA, locked-in RRSP, RRSP, RRIF or another RPP. Note that for defined-benefit pensions the Income Tax Act caps the tax-sheltered amount under section 147.3(4), and any commuted value above that cap is paid out in cash and is fully taxable in that year.
Are CRA transfer forms sent to the CRA?
Usually not. Most of these forms are kept on file by the institutions to justify why no tax slip income results. There are two exceptions with hard deadlines: RC240 must be filed with the CRA within 30 days after the contribution, and RC724 within 60 days of the distribution or completed transfer.
Is there a CRA form to transfer a TFSA to another institution?
No. Moving a TFSA between institutions uses the receiving institution's own transfer-authorisation form; there is no CRA form. Handled as a direct transfer it has no effect on contribution room. Never withdraw and re-contribute to switch institutions in the same year, because the re-contribution uses current room and the CRA charges 1% per month on any excess.
Can I transfer my RRIF minimum payment?
No. The minimum annual payment can never be transferred or rolled over. The sending institution must pay it to you as taxable income before or with the transfer, so a RRIF transfer will be short by that amount by design rather than by error.