To submit this form, ensure all fields are accurately filled out. You can submit the form electronically by emailing your completed document to the appropriate CRA office or by faxing it to their designated number. Alternatively, you may send the printed form to the physical address provided on the form, ensuring you use a reliable mailing option to avoid delays. Always verify submission methods directly with CRA for any updates and compliance requirements.

For the 2024 and 2025 tax years, it is important to submit your direct transfer forms by the usual deadlines set by the Canada Revenue Agency to avoid penalties. Ensure you stay updated with any changes in submission dates outlined by the CRA. Mark your calendars with relevant dates to ensure timely processing.

The main purpose of this form is to facilitate the direct transfer of retirement savings for individuals holding plans such as a DPSP or RPP. It streamlines the paperwork necessary for moving funds from one retirement plan to another while adhering to the guidelines established by the Income Tax Act. The form ensures that both the applicant and transferor meet compliance requirements during the transfer process.

• 1. Applicant Information: Details such as the applicant's name, social insurance number, address, and contact information.
• 2. Transferor Certification: Certification from the transferor confirming the amount and its eligibility for transfer.
• 3. Transferee Details: Information about the receiving plan or account where funds will be transferred.
• 4. Signatures: Required signatures from both parties to validate the transfer.
• 5. Additional Notes: Sections for any extra information or comments needed to support the transfer process.

If the form is not submitted correctly, there may be delays in processing the transfer. Misfiling can lead to penalties from the CRA or potential taxes owed on amounts improperly documented. It is crucial to ensure that all sections of the form are filled out accurately to avoid any issues.

• Processing Delays: Incorrect or incomplete submissions can lead to significant delays in transferring funds.
• Potential Penalties: Failure to follow submission guidelines may result in financial penalties imposed by the CRA.
• Tax Implications: Improper documentation can lead to unexpected taxes on transfer amounts.

• 1. Direct Transfers between Plans: Use this form when transferring funds from a DPSP to an RRSP or RPP.
• 2. Transfers for Beneficiaries: Applicable when the beneficiary of a deceased plan member wishes to claim their rights.
• 3. Divorce or Separation Situations: Necessary for partners claiming entitlement in the event of marital breakdowns.