Pension Payments

Source deductions of income tax

As a rule, a single payment from a registered pension plan (RPP) or a deferred profit-sharing plan (DPSP) is not subject to source deductions of income tax if it is transferred directly to another RPP or DPSP, or to a registered retirement savings plan (RRSP), a voluntary retirement savings plan (VRSP), a pooled registered pension plan (PRPP) or a registered retirement income fund (RRIF), without being paid to the beneficiary.

If only a portion of the payment is transferred directly to another plan, you must withhold income tax from the portion that is not transferred directly.

A single payment from an RPP or other pension plan is not subject to source deductions of income tax if it is paid to a person who resides outside Québec.

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