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While most Registered Pension Plans (RPPs) discourage or prohibit some transfers from the RPP to an RRSP, there are four situations where this can be done Keep in mind that transfers from an RPP to an RRSP have to be made directly you can t take these funds into your own hands rst If you leave your job for any reason, you may be entitled to take with you certain funds in the company pension plan that are earmarked for you The amount you can take is generally called the commuted value of your pension Before you get too excited about walking away with thousands of pension dollars at your disposal, be aware that a portion of the commuted value can generally be transferred to a locked-in RRSP only, while the balance is generally taxable You won t be able to make any old withdrawal from a locked-in plan Locked-in RRSPs will restrict your withdrawals in a way that is consistent with the payments you would have received under the terms of your pension plan The bene t of a locked-in
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plan is that, unlike your pension plan, you have complete control over your investments and could quite possibly generate a greater return on those assets than your pension plan would have offered you This could spell greater income in retirement If you die while still a member of your company pension plan, a tax-free transfer can be made to the RRSP or RPP of a surviving spouse If you separate or divorce, and you have a written separation agreement or court order, a lump-sum amount can be transferred from your RPP to the RRSP or RPP of your spouse or ex-spouse If your pension plan has been amended to retroactively reduce or remove the requirement for you to make contributions to your company s registered pension plan, you may be entitled to receive a return of your pre-1991 contributions plus accumulated interest If you transfer this money directly to your RRSP, the transfer will be tax-free
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Your RRSP could cause you some grief as you try to come up with a way to avoid a tax hit on those assets when you die In many cases, RRSP assets will be taxed on the deceased s nal tax return, and whatever is left will pass to the heirs There are two ways to transfer RRSP assets from the deceased s plan to another RRSP, RRIF, or annuity to defer tax a little longer The rst is to leave your plan assets to your spouse or common-law partner The second is to transfer the plan s assets for the bene t of a dependant Check out 9, Tip 100, for all the details
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If you re planning to make an equalization payment to your spouse after separating or divorcing, you can use your RRSP assets to do it You see, any payments transferred directly from your RRSP to your spouse s RRSP, RRIF, or RPP as a result of a marriage breakdown can be transferred tax-free Before making a transfer, keep in mind that this rollover must follow a written separation agreement, or a decree, order, or judgment by a competent tribunal I dealt with tax issues around separation and divorce in 2
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You d be surprised how often I m asked whether or not it s possible to transfer assets to an RRSP from a US Individual Retirement Account (IRA), which is effectively the US version of an RRSP The short answer is yes Our tax law will allow a tax-free transfer to take place and so I m including this item in my list of tax-free rollovers Here s the problem: You won t be able to avoid the long arm of the IRS on withdrawals from an IRA You ll face tax at graduated US tax rates, plus you ll face a 10-percent early withdrawal penalty if the withdrawal is made before age 59 and a half The bottom line Unless the US tax hit is minimal, I usually advise that an IRA be kept intact, although each case deserves its own look I ll deal with other US tax issues in 7
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There are a few ways to boost the assets in your RRSP through tax-free transfers of other assets to your plan Most of these transfers will require a direct transfer from the original plan to your RRSP, while retiring allowances can be received directly in your hands and then contributed within certain time limits
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