Form T2033 records a direct transfer of property from an RRSP, a RRIF, a specified pension plan (SPP) or a pooled registered pension plan (PRPP) to another registered plan or fund with the same annuitant or member, or to buy an eligible annuity. Because the funds move directly between institutions, it isn't income to you: no T4RSP or T4RIF slip is issued, no tax is withheld and no contribution receipt is given.
The details below come from the CRA's T2033 form and its instructions, version T2033 E (25), as of October 2026.
What T2033 can be used for
| Moving from | Can go to |
|---|---|
| Unmatured RRSP | Another RRSP or a RRIF of the same annuitant, or the annuitant's account in an RPP, PRPP or SPP |
| RRIF | Another RRIF of the same annuitant, an SPP of the same member, or an RPP the annuitant was already a member of, under its defined contribution rules |
| SPP or PRPP | The member's RRSP or RRIF, a qualifying annuity, a PRPP, or an SPP or RPP if the transfer comes from a PRPP |
The form's long name lists the legal provisions it covers: subsections 146.3(14.1), 147.5(21) and 146(21), and paragraphs 146(16)(a) and 146.3(2)(e) of the Income Tax Act.
Who fills in each section
- Section 1, the annuitant or member: your details, the plan you're moving from in Part A, how much in Part B, all of it, part in one payment or part in several payments, in cash or in kind, and the plan you're moving to in Part C. Print and sign four copies and give them to the receiving institution.
- Section 2, the transferee: the receiving institution agrees to the transfer, confirms the plan is registered or will be, and sends all copies to the institution currently holding the funds.
- Section 3, the transferor: the current institution records the amount transferred and answers questions about qualifying RRIFs, spousal contributions and any locked-in amount.
- Section 4, receipt by transferee: the receiving institution confirms what it received.
If the receiving institution has a signed letter from you asking for the transfer, it can attach the letter and fill out Section 1 on your behalf.
Why a direct transfer matters
Here's what people miss: a direct transfer on T2033 keeps the amount out of your income completely, which a withdrawal doesn't. The instructions say the transferor shouldn't withhold income tax on the amount and shouldn't report it on a T4RSP, T4RIF or T4A slip, and the receiving plan shouldn't issue a receipt because you can't deduct it.
Compare that with withdrawing the funds yourself and putting them back. A withdrawal from an RRSP has tax withheld at the source, and for Canadian residents outside Quebec the CRA's rates are 10% on amounts up to $5,000, 20% on amounts over $5,000 up to $15,000, and 30% over $15,000, as of October 2026. The withdrawal is income on your return and gets a T4RSP slip, and putting it back uses up contribution room. Moving plans the direct way avoids all of that.
Transferring out of a RRIF
A RRIF carrier that makes a direct transfer must still pay you the minimum amount for the year. That's why Part B for a RRIF says to transfer the property except for enough to pay you the minimum amount this year. The minimum itself is income, so it comes out before the transfer.
When not to use T2033
- Commuting an RRSP annuity, in full or part, to another RRSP, SPP, PRPP or RRIF: use Form T2030.
- Transferring an excess amount from a RRIF to an RRSP, SPP or PRPP: also Form T2030.
- Some lump-sum transfers, such as eligible amounts moved under other provisions, use their own forms, for example Form T2151.
You don't have to use T2033 at all. The CRA says you can use any registration method, as long as you give the receiving institution the information it needs, for example whether the funds are locked in, from a spousal or common-law partner plan, or from a qualifying RRIF.
Things to check before you sign
- The plan numbers in Part A and Part C match your statements exactly.
- You've ticked in cash or in kind. In kind moves the investments themselves, in cash sells them first.
- If your spouse or common-law partner ever contributed to the RRSP, the transferor records it in Section 3, because spousal plan rules travel with the funds.
- Locked-in pension funds stay locked in at the new institution, under the pension act named in Section 3.
Terms on the form
| Term | Meaning |
|---|---|
| Annuitant | The person entitled to receive payments from an RRSP or a RRIF |
| Member | An individual who holds an account under an SPP, RPP or PRPP |
| Transferor | The institution the amount is transferred from |
| Transferee | The institution the amount is transferred to |
| Qualifying RRIF | A RRIF set up before 1993 with nothing added after 1992, or a later RRIF holding only property from a qualifying RRIF |
A spouse is a person you're legally married to. A common-law partner includes someone you've lived with in a conjugal relationship for at least 12 continuous months, which counts any separation of less than 90 days because of a breakdown in the relationship.
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The verdict
If you're moving retirement savings between institutions, ask the new institution for a direct transfer on T2033 rather than withdrawing and redepositing. Fill in Section 1 carefully, especially in cash or in kind and how much, and leave Sections 2 to 4 to the two institutions. For a RRIF, expect the year's minimum to be paid out first.
Frequently asked questions
What is Form T2033 used for?
To record a direct transfer of property from an RRSP, RRIF, SPP or PRPP to another registered plan or fund of the same annuitant or member, or to buy an eligible annuity.
Is tax withheld on a T2033 transfer?
No. The transferor shouldn't withhold income tax on an amount directly transferred under the provisions on Form T2033.
Do I get a T4RSP slip for a T2033 transfer?
No. The transferor shouldn't report the amount on a T4RSP, T4RIF or T4A slip, and the receiving plan shouldn't issue a receipt.
Who sends Form T2033 to the old institution?
You give four signed copies to the receiving institution, which completes Section 2 and sends all copies to the institution transferring the funds.
Can I transfer my whole RRIF with T2033?
You can transfer the property except for enough to pay you the minimum amount for the year, which the RRIF carrier must still pay you.
