The form most people hear about
Form T2033 is commonly used for certain direct transfers between registered plans.
The key point
A direct transfer is not the same as a withdrawal
If you withdraw the money
You may trigger withholding tax, break the transfer flow, and create unnecessary paperwork.
If you request an eligible direct transfer
The amount is generally not treated as taxable income and does not create a fresh RRSP deduction.
If your goal is simply to move the RRSP, the most reliable starting point is usually the receiving institution.
Quick assistant
What to do next in your situation
Answer the questions below to get a concrete next step and the checks that matter most.
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Where is the money coming from?
2
Where do you want to move it?
3
What type of registered plan do you think it is?
4
Do you want to transfer:
5
Do you need the money right now?
6
The money is invested in:
This helps estimate whether some holdings will need to be sold before the transfer.
Personalized summary
Based on your answers, you appear to be aiming for a direct transfer into a new institution.
Main risk to avoid
The main risk is requesting a withdrawal instead of a direct transfer.
Who usually starts the process
Usually start with the receiving institution, because it often initiates the transfer request and provides the correct paperwork.
What to prepare before starting
- The current account number and exact registered plan name
- The type of account you are opening at the receiving institution
- A clear list of the holdings to move if you are not transferring the full account
Useful checks
- Check outgoing transfer fees
- Check whether any holdings have exit restrictions or penalties
- Ask the receiving institution whether it may reimburse transfer fees
Start with the receiving institution if you only want to move the RRSP. That is usually the safest way to avoid a withdrawal mistake.
Useful references
What the CRA points to for direct transfers
General tax treatment
An eligible direct transfer from an unmatured RRSP is generally not treated as taxable income.
Prescribed form or not
A prescribed form is not always mandatory if the required information is recorded, even though many institutions keep their own workflow.
The steps
Five steps to transfer an RRSP without adding friction
The goal is not to move fast at any price. The goal is to start the right request, with the right information, from day one.
1
Choose the receiving institution
What to do
Start with the institution that will receive the RRSP. Compare account type, fees, transfer support, and whether it can accept your plan type.
What to check
Check whether it accepts inbound transfers, may reimburse fees, and can receive your specific plan.
Common mistake
Opening a random account without confirming it matches the right registered plan.
2
Confirm the exact account type
What to do
Identify the exact plan name, account number, and whether the RRSP is individual, group, locked-in, or already converted.
What to check
Also verify whether some money is restricted or whether employer contributions have special rules.
Common mistake
Treating a group RRSP or locked-in account as if it were a standard RRSP.
3
Have the receiving institution start the transfer
What to do
Ask the receiving institution to initiate the direct transfer. It often provides the form or internal workflow.
What to check
Make sure account numbers, full versus partial instructions, and direct-transfer wording are all accurate.
Common mistake
Requesting a withdrawal because it looks faster.
4
Monitor the processing stage
What to do
Watch email, the client portal, and any signature or document requests.
What to check
Confirm whether fees apply, whether holdings need to be sold, and whether a product imposes a waiting period.
Common mistake
Assuming everything will happen automatically with no follow-up.
5
Verify completion
What to do
When the transfer appears, compare the amounts, transferred holdings, and receiving account type.
What to check
Confirm this was a direct transfer between registered plans and not a withdrawal followed by a new contribution.
Common mistake
Seeing the cash arrive and not checking whether assets, units, or fees are missing.
Avoid these
Common mistakes
Confusing a transfer with a withdrawal
If the goal is only to move the RRSP, a withdrawal can trigger withholding tax and create unnecessary extra steps.
Assuming it will be instant
Some files move quickly, but others stall when the old institution is slow or the file is incomplete.
Ignoring transfer fees
Many institutions charge outbound transfer fees. Some receiving institutions reimburse them, but not always.
Not checking whether holdings move in kind or must be sold
Some house funds, GICs, and proprietary products must be liquidated before the move.
Realistic timing
How long can it take?
There is no universal timeline. Processing time depends on the institutions involved, the asset type, and the quality of the information provided upfront.
A simple cash transfer can move fairly smoothly. A file involving liquidation, a group RRSP, or non-transferable products usually takes longer.
The right move is to submit a complete request first, then follow up if nothing moves after the timeline quoted by the receiving institution.
FAQ
Common questions about RRSP transfers
Is an RRSP transfer taxable?
An eligible direct transfer is generally not treated as a taxable withdrawal. The key is to avoid asking for a withdrawal when the goal is simply to move institutions.
Do I always need a form?
In practice, often yes, because many institutions use their own transfer request. T2033 remains the reference people most often encounter.
Can I transfer only part of an RRSP?
In many cases yes, but you need to confirm that the current institution accepts partial transfers and understand exactly which assets will move.
What should I do if the transfer stalls?
Start with the receiving institution, since it usually drives the file. Ask exactly what is missing.
Checklist
Before you submit the transfer
A small check now can prevent a frustrating back-and-forth later.
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Transparency
This is a practical guide, not tax or legal advice
The site provides general information to help you ask the right questions and avoid the most common mistakes.
If the file involves a group RRSP, a locked-in account, or a more complex partial transfer, validate the process with the institution or a professional.