What is the process of transferring money from RRSP and DPSP accounts to your (ex) spouse. What form(s) will need be to be filled in? And can the money from both accounts go into spouse's RRSP account or does it have to go into the respective accounts?
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Originally posted by sam666 View PostWhat is the process of transferring money from RRSP and DPSP accounts to your (ex) spouse. What form(s) will need be to be filled in? And can the money from both accounts go into spouse's RRSP account or does it have to go into the respective accounts?
Is DPSP Deferred profit sharing plan? I'm not sure what you mean by "respective accounts". Do you mean your and your ex's accounts? Sorry I couldn't help you anyway, but maybe if you reworded your post, you'd get replies.
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Originally posted by sam666 View PostWhat is the process of transferring money from RRSP and DPSP accounts to your (ex) spouse. What form(s) will need be to be filled in? And can the money from both accounts go into spouse's RRSP account or does it have to go into the respective accounts?
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You can do the transfer but it is a pain...
I did do this but my memory is failing me at the moment. There is a transfer form you fill out that's for "marital breakdown" for each institution you want to transfer money from (aka your money). The catch I recall was you needed to be fully vested (aka own your DPSP 100%) or you probably can't touch any part of your DPSP.
Yes your RRSP institution would be a good source for this, but from my memory you will need:
-Separation agreement or Divorce order
-Your RRSP# / DPSP# plus
-ex's RRSP#
EX will 100% need to give you a RRSP# account number for her or your institution will not be able to make the transfer. When I did it (in Ontario) the institutions on my side didn't care that I was transfering funds from (mine) RRSP/DPSP -> (ex's) SRRSP/RRSP. The money just had to go from my tax shelter to her tax shelter. If you and ex use the same institutions (aka say TD for example) these transfers can be processed easier. Not impossible for differing institutions but I think transfer is slower.
Be prepared to grit your teeth and deal with morons at your financial institutions though. I was initially told there was no way to transfer money without cashing the money out and paying taxes on it. This is 100% not true!! Just stick to your guns and don't believe their nonsense. Took me 3 faxes to each institution to get this right.
Hope this helps...
RemarriedDadof2
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We had to fill out a T2220 .. not sure if that's for the same thing as you're talking about though. Here is a link:
T2220 - Transfer from an RRSP, RRIF, RPP, or SPP to Another RRSP, RRIF, RPP, or SPP on Breakdown of Marriage or Common-law Partnership
He filled out his part and gave it to me, and then I brought it to my bank, as I didn't have an account set up, and the bank person did the rest for me.
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I apologize for asking this again but I really hope someone here can provide a solid answer. I have checked with my employer, financial institution, and the lawyer and no one seems to know if DPSP can be transferred to spouse upon marriage breakdown. They all keep sending me in circles.
Does some one here know for sure? Thanks!
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Hi caranna, not sure what you mean by 'DPSP is held in trust with CRA' but just want to mention that DPSP is provided by my company. It's profit sharing plan. Only my company contributes every year and I can invest the money in different stocks. I can call CRA if needed.
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