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).

Tax tip
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. For more information, see RRSP options when you turn 71.