Locked-In RRSP ownership transfers.

[bass8lbs]

When I got divorced some 10+ yrs ago, my Ex received 50% of my RRSP's (along with everything else). Today, she is willing to give me back those RRSP's that are Locked-in and her investment agent told her I need to get a lawyer to arrange it. Since I already split it 50-50 with the Ex... I don't wanna do another 50-50 split with a lawyer for his 'expenses'.
How is this best arranged and do I need a lawyer to do so?

 

[toguy5252]

Not exactly sure what happened with you but the present value of your RRSP and/or other pensions would have been used in calculating the equalization payment. Presumably the transfer would have then been made in order to satisfy your obligation to equalize. I assume that the transfer was made pursuant to a Court Order or Separation Agreement. That exemption would no longer be available to you and therefore I do not believe the transfer could be made on a tax free basis. Needless to say you should consult a lawyer or tax accountant.

 

[james t kirk]

When I split up with my ex, I was able to transer 25k in RRSPs into her name without any tax penalty to either of us.

I can't say if the reverse is true though.

Gawd, you have a hell of good woman there - I can't think of too many women that would give her ex hubby back any coin. I

 

[bass8lbs]

What has happened is... we agreed on a seperation agreement for equalization of all assets including my locked-in RRSP's. Because I raised our kids as a single dad, without any child support from her and putting them through colleges & university, plus remained friends with her.... she wishes to give back to me the locked-in RRSP's as her part towards the kids upbringing and really, to kinda make amends with me. I know the tax consequences if I cash them in but right now I only wish to transfer the ownership back to me.
What papers, registration or whatever do I need to do this?

 

[ang]

I would talk to a specialist, bc if it is locked-in she is allowed under the new unlocking rule to transfer 25% into their RRSP (I think this has or is going up), I'm not sure what the rules are regarding a trabsfer to you since it had been over 10 years since breakdown...she may have to withdraw

Here's a link for the unlocking ruleshttp://www.fsco.gov.on.ca/ENGLISH/pensions/locked-inaccountchanges.asp

 

[bass8lbs]

Thanks ang, I already read that link during research...doesn't deal with ownerships transfers... only account type transfers.