You will need to fill out Form T2151. This form is simple to get from the CRA website or from your tax software. However, it is an unusual form to fill out, as you do not send it directly to the Canada Revenue Agency.
- To start, you will need all documentation on both accounts that was provided by your past and current employer.
- You will need the number and name of the account you are withdrawing from and adding to. You will need the exact amount you are transferring unless you are transferring all of the funds in the account.
- The form must be given to your pension plan administrator. All four pages are identical and must be sent, which means you need to fill out all four.
- The financial institution that holds your RRSP will receive a copy of this form from the transferring institution, so you do not need to worry about alerting them unless they otherwise require you to.
- Then, once you make the physical transfer of your money from one account to the other, the process is complete. You should check with the receiving financial institution to be sure they received the money.
For more information please refer to the following TurboTax article:
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