What is Form T2220?
Form T2220 is essential for transferring funds from a Registered Retirement Savings Plan (RRSP), Registered Retirement Income Fund (RRIF), Pension Plan (PRPP), or Savings Plan (SPP) to the corresponding plan of your current or former spouse or common-law partner. This form plays a crucial role during the breakdown of a marriage or common-law partnership by helping you manage your retirement savings. It ensures that the transferred funds are accurately recorded and taxed, simplifying the financial adjustments that come with separation.
What is Form T2220 used for?
Form T2220 is essential for specific financial transfers. Here’s what it’s used for:
- Transfers due to a breakup: Moving funds because of a marriage or common-law partnership breakdown.
- Ownership changes: Adjusting the ownership of funds or assets to the account owner.
- Required signatures: Both the annuitant and their spouse or partner must sign.
- Legal documents: Accepting a decree, order, or separation agreement if one party’s signature is missing.
How to fill out Form T2220 ?
- 1
Fill in the annuitant's last name, first name, initial(s), and Social Insurance Number (SIN).
- 2
Tick the box for the type of plan: RRSP, RRIF, PRPP, or SPP.
- 3
Enter the transfer amount and recipient's information.
- 4
Include supporting documents like the decree or separation agreement when needed.
- 5
Verify that all information is accurate and complete.
- 6
Complete all necessary sections: Annuitant, Transferee, and Transferor.
Who is required to fill out Form T2220 ?
Form T2220 is completed by individuals experiencing a breakdown of marriage or common-law partnership, intending to transfer retirement funds due to legal requirements. This form is necessary for couples who must divide their RRSPs, RRIFs, PRPPs, or SPPs as part of their separation process.
When is Form T2220 not required?
Form T2220 is not required when the transfer of funds is not due to a breakdown of marriage or common-law partnership. Additionally, individuals who are not annuitants or do not own RRSPs, RRIFs, PRPPs, or SPPs do not need this form. If the transfer does not relate to dividing property due to a relationship breakdown, you can skip Form T2220.
When is Form T2220 due?
The deadline for Form T2220 is when there is a breakdown of marriage or common-law partnership. You need to submit this form if you are transferring funds from an RRSP, RRIF, PRPP, or SPP to your spouse's or common-law partner’s account. The transfer must follow a decree, order, judgment from a tribunal, or a written separation agreement.
How to get a blank Form T2220 ?
To get a blank Form T2220, simply visit our website. The form, issued by the Canada Revenue Agency, is already pre-loaded in our editor, making it ready for you to fill out. Remember, our platform helps with filling and downloading but not filing forms.
How to sign Form T2220 online?
To sign Form T2220, both parties must provide a handwritten signature on the form. No extra documentation is needed if both signatures are present. While PDF Guru allows you to create simple electronic signatures, remember that this form does not accept them. Always check for the latest updates to ensure compliance. Use PDF Guru to fill out the form, download it, and handle any additional steps outside our platform.
Where to file Form T2220 ?
To submit Form T2220, send it directly to the financial institution managing your RRSP, RRIF, PRPP, or SPP. Remember, this form cannot be filed online; it must be mailed.
If the current or former spouse's signature is missing, include a copy of the decree, order, judgment, or separation agreement with your submission.
