Earn: DBplus purchases

Before your visit to your financial institution, be sure you’ve gathered all the information you’ll need. You should take:

• The letter from your package titled “Notification to financial institution”.
• The CRA Direct Transfer form that came in your package.
• A form of ID (or whatever other information your financial institution usually requires to verify your identity and account).

Remember that the financial institution will probably charge you fees for the transfer.

To avoid underpayment, make sure you advise your financial institution to make the payment to CAAT “net of fees”. That means the fees can come from any account. They do not impact the transfer amount, but you are responsible for paying them.

• Review the “Notification to financial institution” letter and your relevant accounts.
• Complete their portion of the CRA Direct Transfer form.
• Keep the form and use it to complete the transfer.
• Arrange for a cheque to be sent to CAAT from your registered account.
• Charge you fees for the transfer, in most cases.

Your financial institution will arrange the transfer.

It’s up to you to keep an eye on your account to see if the transfer has been made. If the transfer isn’t completed in two weeks, it’s a good idea to call your financial institution to follow-up.

Read this section if you are transferring money from your RRSP to make your pension purchase. If you are using RRIF, SPP, LIRA or PRPP funds for your purchase, contact the CAAT Plan if you are unable to complete the T2033 form.

The T2033 has already been pre-filled with information about the CAAT Pension Plan and signed by a CAAT Pension Plan representative. This confirms that the CAAT Pension Plan will accept the transfer and will make the process simpler. If you need another copy of the form, photocopy the one from your purchase package, or contact CAAT for additional pre-signed copies.

Terms you'll see on the T2033 form

• Annuitant or member – that’s you. You’re the owner of the RRSP, RRIF, SPP, LIRA or PRPP funds and you’re a CAAT Pension Plan member who is making the purchase.
• Transferor – that’s the financial institution you have your registered fund with. They will transfer the money to the CAAT Pension Plan to complete your purchase. If you are transferring Group RRSP funds, please contact the administrator for the transfer form.
• Transferee – that’s the CAAT Pension Plan. It will receive the transfer for your purchase and add it to your pension.

Section I – Annuitant or Member

There are four parts in Section I, which you can complete with your financial institution.

1. Member Information
   
2. Part A – Transfer from an RRSP, a RRIF, an SPP, or a PRPP
3. Part B – Description of amount to be transferred
4. Part C – Identifying the RRSP, RRIF, FPP, SPP, PRPP or annuity to which the funds are being transferred

Member information

Enter your name, social insurance number, address, and telephone number.

Part A – Transfer from an RRSP, a RRIF, an SPP, or a PRPP

In Part A, your financial institution will fill out the information about your registered funds on the first line.

• Check the appropriate box, for example: “I am the annuitant under the registered retirement savings plan (RRSP) for an RRSP transfer.
• Put your account number on the top line.
• The name and address of your financial institution goes at the bottom of Part A.

Part B – Description of amount to be transferred

Your financial institution will assist in completing the first two lines under subsection 1 in Part B of your T2033 form.

• Your financial institution will compare the amount you want to use for your purchase, with the amount in your RRSP account, and tick either “all of the property” or “part of the property in a one-time payment”.
• Do not tick “part of the property in several payments”. The CAAT Pension Plan will not accept multiple payments for a purchase.

In the second line, your financial institution will enter the total amount of money you will be transferring for the purchase, no matter which box you ticked. The transfer must be in cash.

You can use more than one RRSP account to make up the purchase amount. In that case, you’ll need one T2033 form for each RRSP you’ll be using. Photocopy the T2033 before it gets filled out or contact the CAAT Pension Plan for another copy.

You do not have to complete anything in subsection “2. For a transfer from a RRIF,” unless you are transferring from a Registered Retirement Income Fund.

Part C – Identifying the RRSP, RRIF, RPP, SPP, PRPP or annuity to which the funds are being transferred

This section is partially completed for you by the CAAT Pension Plan.

• Make sure your financial institution knows that the cheque for the transferred funds should be made out to the CAAT Pension Plan. There are instructions in the letter “Notification to financial institution”.
• The cheque must be sent to the CAAT Pension Plan at the address indicated on the form.

You, as the member, must sign and date Part C at the bottom.

Section II – Transferee

Remember, the Transferee is the CAAT Pension Plan. This is the CAAT Pension Plan’s portion of the form to complete. It tells your financial institution that the CAAT Pension Plan will accept the transfer for your purchase. The form in your purchase package will already be signed and dated by CAAT to make this step easier.

• Pay special attention to the date this form was signed. If the transfer is completed more than 90 days from that date, this form will be invalid which means you’ll need to contact the CAAT Pension Plan to get a new form.

Section III – Transferor

Remember, the Transferor is your financial institution.

• Your financial institution completes Section III. They will indicate the amount transferred, and any other instructions, as well as sign and date the form.
• Note: Your financial institution may charge you fees for this transfer. These fees can come from any account. They do not impact the transfer amount, but you are responsible for paying them. To avoid underpayment, make sure you advise your financial institution to make the payment to CAAT “net of fees”.
• You do not have to provide any information about your spouse in this section of the form.

Section IV – Receipt by transferee

When the form is completed, and you have arranged to pay any fees, your financial institution will keep the form and process the transfer.

It’s up to you to keep an eye on your account to see if the transfer has been made. If the transfer isn’t completed in two weeks, it’s a good idea to call your financial institution to follow-up.

Read this section if you are transferring money directly from your defined contribution account to make your pension purchase. On this form, a defined contribution account is referred to as an “RPP” which stands for “Registered Pension Plan”.

If you are using DPSP funds for your purchase and are not sure how to complete the T2151 Form, contact the CAAT Plan.

Terms you’ll see on the T2151 form

• Applicant – that’s you, the owner of the account and CAAT Pension Plan member who is making the purchase.
• Transferor – that’s the RPP administrator of your previous plan. They will transfer the money to the CAAT Pension Plan to complete your purchase.
• Transferee – that’s the CAAT Pension Plan, which will receive the transfer for your purchase and add it to your pension.
• RPP – that’s your defined contribution account. RPP stands for “registered pension plan”. The CAAT Pension Plan is also an RPP.

Section I – Applicant

There are five parts in Section I but you don’t have to complete them all. Because you will be transferring from your defined contribution plan, which is a registered pension plan (called an RPP), you only complete parts B, C, and D.

Member information

Enter your name, social insurance number, address, and telephone number.

Part A – Transfer from a DPSP

Skip this section. It does not apply to you.

Part B – Transfer from an RPP

In this section, the RPP administrator of your previous plan provides information about the plan.

The box “I am a member of the RPP” will be pre-selected. The RPP administrator of your previous plan will need to provide the other information on this form.

Part C – Description of amount to be transferred

• The RPP administrator of your previous plan will compare the amount you want to use for your purchase, with the amount available in your account, and tick either “Transfer my whole entitlement under the plan identified in Part A or B” or “Transfer the amount of $__________ which represents my partial entitlement under the plan identified in Part A or B”.
  • If you are not transferring the whole amount in your account, you must also enter the amount you will be transferring on the solid line on the second option.

Part D – Identification of the RRSP, RRIF, RPP, SPSP, SPP, or PRPP to which the funds are being transferred

This refers to the CAAT Pension Plan, which your funds are being transferred into. This section of the form has been partially completed for you by the CAAT Pension Plan.

Tick the box “Transfer the RPP or DPSP single amount to my RPP”.

The CAAT Pension Plan has pre-filled these fields:

• “RPP number and name”
• “Canada Revenue Agency’s registration number of RPP or DPSP”
• “Transferee’s address”

You, as the member, must sign and date Part D at the bottom.

Section II – Transferor’s certification

Remember, the Transferor is the RPP administrator of your previous plan.

The RPP administrator for your previous plan will complete this part of the form to confirm that the transfer meets all income tax requirements.

They will also sign and date this part of the form.

Section III – Transferee’s certification

Remember, the Transferee is the CAAT Pension Plan.

When the form is completed, and you have arranged to pay any fees, the RPP administrator for your previous plan will keep the form and process the transfer.

It’s up to you to keep an eye on your account to see if the transfer has been made. If the transfer isn’t completed in two weeks, it’s a good idea to call your financial institution to follow-up.