Maturity of an RRSP

A registered retirement savings plan (RRSP) must mature by the end of the year in which the annuitant turns 71 years of age.

Commutation payments

A commutation payment is a fixed or single lump-sum payment from your RRSP annuity that is equal to the current value of all or part of your future annuity payments. A commutation payment from your RRSP may be transferred directly to a RRIF, PRPP and SPP or to buy yourself an eligible annuity. You can use Form T2030, Direct Transfer Under Subparagraph 60 l)(v) to make this request.

If the RRSP or SPP from which you receive the withdrawal or commutation payment in 2023 is a spousal or common-law partner RRSP, or the RRIF from which you receive excess amounts in 2023 is a spousal or common-law partner RRIF, or the RRIF from which you receive excess amounts in 2023 is a spousal or common-law partner RRIF, and your spouse or common-law partner made contributions to any of your RRSPs in 2021, 2022, or 2023, your spouse or common-law partner may have to include in income all or part of the amount received. For more information, see Withdrawing from spousal or common-law partner RRSPs.

Filling out your income tax and benefit return

The payment is shown in box 22 of your T4RSP slip. Report this amount on line 12900 of your income tax and benefit return.

If the payment is transferred to your RRIF or used to purchase an eligible annuity, claim the amount on line 23200 of your return.

Forms and publications

• Form T2030, Direct Transfer Under Subparagraph 60(l)(v)
• Guide T4040, RRSPs and Other Registered Plans for Retirement

Related Topics

• Withdrawing from spousal or common-law partner RRSPs