An RRSP commutation payment is a fixed or single lump-sum payment from an RRSP annuity that is equal to the current value of all or part of the future annuity payments from the plan.

A commutation payment must be transferred directly to the individual’s own RRSP. This transfer is generally completed using Form T2030, Direct Transfer Under Subparagraph 60(l)(v).

Forms and publications

• Form T2033, Direct Transfer Under Subsection 146.3(14.1), 147.5(21) or 146(21), or Paragraph 146(16)(a) or 146.3(2)(e)
• Form T2220, Transfer from an RRSP, RRIF, PRPP, or SPP to Another RRSP, RRIF, PRPP or SPP on Breakdown of Marriage or Common-law Partnership
• Income Tax Folio S2-F1-C2, Retiring Allowances