Form T2220

What Is the T2220 Form?

You might use a CRA Form T2220 to transfer money from one RRSP or RRIF to another RRSP or RRIF when a marriage breaks up. This is often done when a couple divorces, as it can help them divide their assets more evenly.

What Is the T2220 Form Used For?

Usually this transfer is made when a couple is going through a divorce or separation and they need to divide their assets. Both husband and wife must fill out T2220 form to transfer RRSPs. Once the form is completed, you should send it to the financial institution where RRSP or RRIF is kept. Then, the financial institution will transfer funds from one RRSP or RRIF to the other. The transfer must be made within 60 days of the date of the dissolution of the marriage.

How to Fill Out Form T2220?

You can transfer money from your RRSP or RRIF to your former spouse's RRSP or RRIF if you are going through a breakup of your marriage. To do this, you need to fill out a T2220 tax form. You can find the T2220 divorce form on the Canada Revenue Agency's website.

Here's how to fill out Form T2220 step by step:

1. First, input your personal information at the top of the form
2. Check box in section 1 to indicate that you are transferring money from your RRSP or RRIF
3. Enter the amount of money you are transferring in section 2
4. Write down name and address of your former spouse's RRSP or RRIF in section 3
5. Enter the date of dissolution of marriage in section 4
6. Write the date of the transfer in section 5
7. Sign and date the form
8. Send your completed form to your financial institution

How to Submit Form T2220?

Once you complete form, the recipient should send it to the financial institution where they hold their RRSP or RRIF. The financial institution will then transfer the money from the transferor's RRSP or RRIF to the recipient's RRSP or RRIF. You don't have to pay a fee for this service. If you have any questions or problems with T2220 form, you should contact your financial institution or CRA.

What Are the Government Organizations That Work With Form T2220?

T2220 is a form that Canada Revenue Agency (CRA) uses to transfer funds. Next, CRA reviews the form and determines if the transfer can be approved. Further, if CRA approves the transfer, a letter will be sent to both sides confirming transfer details.