To fill out Form T2033, you complete only Section 1 — your identifying information, the plan you’re transferring from, the amount and type of transfer, and the plan receiving the funds — then print, sign, and deliver four copies to the receiving institution. That institution completes Section 2, sends the package to your current institution for Section 3, and finalizes Section 4 once the money arrives. The form records a direct, tax-free transfer between registered plans, so the funds never pass through your hands.
Before You Start
Download T2033 from the CRA’s forms page at canada.ca in either the fillable or print PDF version.1Canada Revenue Agency. T2033 Direct Transfer Under Subsection 146.3(14.1), 147.5(21) or 146(21), or Paragraph 146(16)(a) or 146.3(2)(e) Most banks and brokerages also stock it, sometimes pre-filled with their own institutional details. If your receiving institution hands you their own proprietary transfer form instead, that is equally valid — the CRA does not require T2033 specifically, and institutions may modify the form or use their own.2Canada Revenue Agency. Transfer of Funds
Confirm your transfer is one T2033 actually covers. The form handles direct transfers from an RRSP under paragraph 146(16)(a); from a RRIF under subsection 146.3(14.1); from a Specified Pension Plan under subsection 146(21); and from a Pooled Registered Pension Plan under subsection 147.5(21).3Department of Justice Canada. Income Tax Act – Section 146 Receiving plans include another RRSP, a RRIF, a registered pension plan, a PRPP, an SPP, a FHSA (from an RRSP), an advanced life deferred annuity, or an eligible annuity.1Canada Revenue Agency. T2033 Direct Transfer Under Subsection 146.3(14.1), 147.5(21) or 146(21), or Paragraph 146(16)(a) or 146.3(2)(e)
Some transfers use a different form. A transfer from a registered pension plan uses T2151, not T2033.4Canada Revenue Agency. T2151 Direct Transfer of a Single Amount Under Subsection 147(19) or Section 147.3 A transfer between spouses or former partners after a relationship breakdown uses T2220, even when the accounts are RRSPs or RRIFs.5Canada Revenue Agency. Property From an Unmatured RRSP Locked-in accounts such as LIRAs, LRSPs, and LIFs fall outside T2033’s scope.
Open your account at the receiving institution before you start filling in the form. Part C asks for a plan or fund number, and you need a live account to give one.
Part A: Your Details and the Source Plan
Enter your full legal name, Social Insurance Number, address, and phone number. Then identify the plan you are transferring from. Check the box for the correct plan type (RRSP, RRIF, SPP, or PRPP) and fill in the plan or fund number, the plan name, and the name and address of the current issuer, carrier, or administrator. Any recent account statement from that institution will have these details.
Part B: What You’re Transferring and How
Indicate whether you are moving the whole balance, a one-time partial amount, or a series of partial payments. If it’s a partial transfer, enter the dollar figure. Then choose cash or in kind.
A cash transfer means the source institution liquidates the holdings and sends the proceeds. An in-kind transfer moves the actual investments — stocks, bonds, GICs — to the new account without selling them, which avoids crystallizing gains or losses. The receiving institution has to be able to hold the same securities for an in-kind transfer to work, so check with them first if you hold anything unusual.
Part C: The Receiving Plan
Check the box for the type of plan receiving the money (RRSP, RRIF, SPP, RPP, annuity, or PRPP). Fill in the new plan or fund number, plan name, and the receiving institution’s name and address. This is the section that requires you to have opened the destination account already.
Sign and Deliver Four Copies
Print four copies of the completed Section 1 and sign each one. Deliver all four to the receiving institution.6University of Alberta Pension Plan. T2033 Direct Transfer Form (PDF) If you have already given the receiving institution a signed letter requesting the transfer, they are allowed to complete and sign Section 1 for you, but they must attach your letter to all four copies.
What the Institutions Do After You Sign
You don’t fill out anything else, but knowing the rest of the workflow makes it easier to follow up if the transfer stalls.
In Section 2, the receiving institution (the transferee) enters its specimen plan number, signs all four copies, and forwards the package to your current institution. In Section 3, the current institution (the transferor) records the amount actually transferred, notes whether any of the funds are locked in or came from spousal contributions, and confirms on the form that it will not issue a T4RSP, T4RIF, or T4A slip for the amount. It signs all four copies, keeps one, and sends the other three with the funds to the receiving institution.6University of Alberta Pension Plan. T2033 Direct Transfer Form (PDF) In Section 4, the receiving institution confirms the amount received, signs the remaining copies, keeps one, returns one to the transferor, and mails one to you. Keep that copy with your tax records — it’s your proof the transfer completed.
Keep the Transfer Direct
The whole reason for using T2033 is that the funds never leave the registered system. Under subsection 146(16), neither the transfer nor the receipt is included in anyone’s income, and no deduction is allowed for it, as long as the money moves directly between issuers.3Department of Justice Canada. Income Tax Act – Section 146 No T4RSP or T4RIF slip is issued, and no withholding tax applies.2Canada Revenue Agency. Transfer of Funds
If you take personal possession of the money at any point, even briefly and even intending to redeposit it, the CRA treats the amount as a withdrawal. Withholding tax for Canadian residents applies at these rates:7Canada Revenue Agency. Tax Rates on Withdrawals
- Up to $5,000: 10% (5% in Quebec)
- $5,001 to $15,000: 20% (10% in Quebec)
- Over $15,000: 30% (15% in Quebec)
The full withdrawn amount also lands in your taxable income for the year, and the contribution room is gone for good. Sending the paperwork through T2033 and letting the institutions move the money between themselves avoids all of that.
What Can Slow the Transfer Down
Not every holding can move. Proprietary mutual funds sold only by your current institution, private placements, annuities held within the plan, and bankrupt securities generally cannot transfer in kind to a new firm.8Canadian Investment Regulatory Organization. Transferring Accounts Between Firms When the transferor hits one of these, it moves everything it can and contacts you about the rest. You can sell the non-transferable holding and send the cash, or leave it behind at the old institution. Either way, the overall transfer will take longer.
The Canadian Investment Regulatory Organization says transfers usually take about ten business days.8Canadian Investment Regulatory Organization. Transferring Accounts Between Firms The Canadian Bankers Association’s voluntary guidelines target seven business days in normal periods and twelve during peak RRSP season (February 15 through April 8), counted from the moment the transferor receives complete and accurate documentation.9Canadian Bankers Association. Guidelines for Transfers of Registered Plans In-kind transfers, non-transferable assets, and unmatured GICs routinely push things past those targets.
Most institutions charge a transfer-out fee. At the major banks it runs as high as $150 per account. Some receiving institutions, particularly online brokerages, will reimburse the fee for accounts above a minimum balance — Wealthsimple, for example, reimburses for accounts of $25,000 or more. Ask the receiving institution about reimbursement before you initiate the transfer.