How to Complete: Transfer Value Out-limit Payment Option Form (ADM 494E)

The Transfer Value Out-limit Payment Option Form (ADM 494E) has a very specific purpose: if your Transfer Value has an out-limit, this form will tell us what you want to do with the payment of your out-limit portion.

Transcript for How to Complete: How to Complete: Transfer Value Out-limit Payment Option Form (ADM 494E)

(Background music: Welcome page with a logo of the Government of Canada Pension Centre.)

At the Government of Canada Pension Centre, we’re here to help! When it comes to receiving your Transfer Value payment, there are a few forms to fill out.

We know it can be complex at times.

Today, we will go over the Transfer Value Out-Limit Payment Option Form ADM 494E to help you complete it easily.

The Income Tax Act places certain limits on your Transfer Value.

It limits the amount that you can transfer to your Registered retirement savings plan (RRSP) without using your RRSP room.

The portion over this limit is called the out-limit. It is considered taxable income.

If your Transfer Value has an Out-limit, you can take it in cash or use it as a contribution towards your RRSP.

This form will tell us what you want to do with the payment of your out-limit portion.

Ready to go through the form? OK, let's start on page 1.

Please complete this form with a dark ink pen. On the top of page 1, indicate your name and your Pension Number.

You will note that there are several options as to how the out-limit portion of your transfer value amount can be paid.

Please ensure that you review these options carefully before moving on.

It is important to note that the out-limit amount cannot be transferred to a spousal RRSP.

(Full screen appears the TRANSFER VALUE OUT-LIMIT PAYMENT OPTION form. A male voice explains how to fill out the form. When the voice says “… indicate your name …,” the NAME field becomes highlighted in yellow. When the voice says “… and your Pension Number,” the Pension number field becomes highlighted in yellow. When the voice says “You will not that there are several options …,” the options on screen become highlighted in yellow. When the voice says “It is important to note …,” the Please note that the out-limit amount cannot be transferred to a spousal RRSP sentence becomes highlighted in yellow.)

Next, select an option and check off the appropriate box.

You can choose to have a portion of the amount transferred to your RRSP and the remainder to your bank account.

You only need to specify the amount to be sent to your RRSP.

(Male voice over. A list of options appears on the screen. When the voice says “select an option and check off …,” the options become highlighted in yellow.)

The next section only applies to you if you have chosen to transfer all or a portion of your transfer value out-limit to your RRSP.

You will need to indicate the amount of your available RRSP room that you have confirmed with the Canada Revenue Agency.

You can also choose to attach a copy of your latest notice of assessment when you return this form.

Next, please indicate the name and address of your financial institution.

Also, add your personal RRSP account number.

Finally, please sign and date the form.

(Male voice over. Full screen is the RRSP TRANSFER INFORMATION section. When the voice says “You will need to indicate the amount …,” the respective blank area has the word AMOUNT appear and highlighted in yellow. When the voice says “Next, please indicate the name and address …,” in the respective blank area, the sentence NAME AND ADDRESS OF YOUR FINANCIAL INSTITUTION appears and becomes highlighted in yellow. When the voice says “… add your personal RRSP account …,” the respective blank area has the words of RRSP ACCOUNT NUMBER appear and become highlighted in yellow. When the voice says, “… please sign and date the form.” The respective blank areas become highlighted in yellow.)

If you choose to receive a cash payment, please review the Income Tax Deductions provided on page 2.

This will explain the taxes that we will deduct from your payment.

(Male voice over. Full screen is the TRANSFER VALUE OUT-LIMIT—INCOME TAX DEDUCTIONS instructions.)

That's it. You're done.

That went well, didn't it? All you need to do now is mail us your form here at the Pension Centre.

I hope this was helpful to you.

Should you have any questions regarding what we covered in this video, feel free to contact us.

Thanks for watching.

(Text on screen: Contact information: Government of Canada Pension Centre – Mail Facility, PO BOX 8000, Matane QC G4W 4T6. Telephone: 1-800‑561‑7930. Email: pwgsc.pensioncentre-centredespensionstpsgc@pwgsc-tpsgc.gc.ca)

(Text on screen: Check us out: facebook.com/PSPC.SPAC, instagram.com/pspc_spac, twitter.com/pspc_spac, youtube.com/PWGSCanada)

[Music stops]

(Public Services and Procurement Canada signature)

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