Transferring

You can transfer certain types of payments to an RRSP or from one registered plan to another, such as a registered pension plan (RPP), registered retirement income fund (RRIF), or a deferred profit sharing plan (DPSP).

You have to transfer certain payments directly - to ensure that these funds are transferred tax free, you must ask the payer to transfer them directly.

Generally, amounts you transfer directly to your RRSP do not affect your RRSP deduction limit. However, you may need to include an amount in income and claim an offsetting deduction.

You can also use certain payments from an RRSP or a RRIF to buy yourself an eligible annuity.

Amounts cannot be transferred to an RRSP if you were over 71 years old at the end of the tax year. See Options when turning 71 for more information

Questions and answers

I lost my job and had my former employer transfer the amount I had paid into the company pension plan into my RRSP. Will this affect my RRSP contribution limit?

Can I still contribute to my RRSP this year?