Is transfer of share from DPSP account to another RRSp account is transfer or contribution?

Transfer from employer's DPSP to another RRSP account of another institute,is it transfer or new contribution to another RRSP account?

451

Level 1

Apr 25, 2022 10:59:39 AM

I found this on CRA regarding DPSP:

Filling out your Income Tax and Benefit Return

If you transferred the amount directly, do not claim a deduction for the amount transferred and do not include the payment in income.

However, if you received the lump-sum payment in cash or by cheque before making the transfer, you cannot defer the tax. Report the payment on line 13000 of your income tax and benefit return in the year the payment is received.

My understanding from above: if you have directly transferred fund/shares to RRSP, you can't claim it as RRSP contribution.

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Is transfer of share from DPSP account to another RRSp account is transfer or contribution?

Filling out your Income Tax and Benefit Return