New Transfer Form – Questions and Answers
Disclaimer: RDSP issuers
The information contained on this page is technical in nature and is intended for Registered Disability Savings Plan (RDSP), Canada Disability Savings Grant (grant) and Canada Disability Savings Bond (bond) issuers. For general information, visit the RDSP section.
Information Bulletin
- Number:
- CDSP/PCEI-2015/16-002B-219
- Date:
- Subject:
- New Transfer Form
Purpose
The following Questions and Answers provide further guidance on the use of the new RDSP Transfer Form.
Q1. Is the Transfer form mandatory?
A1. Yes. In keeping with the principles of good client service, the information collected on the form is sufficient to allow the new issuer to determine the correct amount of a Disability Assistance Payment (DAP). This form has been requested by the industry to help them exchange the requisite information to administer the RDSP, and in this aspect, it is mandatory.
Q2. Why is the relinquishing contract number needed? (Section 4)
A2. The contract number of the relinquishing plan is used in the Contract Registration request for the new contract. The “Other contract” field in the RT101-01 is mandatory when the “transfer indicator” is yes.
Q3. What is the information in Section 5 used for? (Section 5)
A3. Different information is used for different purposes. The “notional balances” of the relinquishing RDSP in section 5 can be used by the new issuer to determine DAP amounts if a new DAP is requested. Totals as at closing of business on December 31 of the prior calendar year allow the new issuer to determine if the RDSP is a “primarily government assisted plan”.
Q4. Why is there not any specific area for reporting DAPs made while a plan is a Specified Disability Savings Plan (SDSPs)?
A4. All monies that have been withdrawn from a plan are to be reported. A SDSP reverts to being an RDSP immediately at that point in time that the assets are transferred. Any DAP made in the current year while a plan was a SDSP should be reported in the section for the current year. Any DAP made in a prior year while a plan was a SDSP should be reported in the section for the prior year.
Contact Us
If you have any questions on this Information Bulletin, please contact us by email at rdsp-reei@hrsdc-rhdcc.gc.ca or call 1-866-204-0357. Our hours of operation are from 8 a.m. to 5 p.m. Eastern Standard Time.