CI Operations - Transfers (in-kind/in-cash)

Match the following

• The movement of units in-kind from one CI account but also between funds

• In-kind

• The movement of assets from one account to another within CI

• Switch-Transfer

• The movement of assets from a CI account to another financial institution

• In-cash

Which of the following is the definition of a 'Redemption'?

• A withdrawal of assets held in a CI account where WHT can be applied and proceeds are sent to the client via cheque or EFT

• A transfer between two institutions regardless of the plan type.

  Withholding tax may or may not applied depending on the source and target account

• A redemption from a CI account where the assets remain registered, i.e., withholding tax is not applied. 

  This includes HBP/LLP and over contribution redemptions

Which of the following is the definition of a 'Registered Redemption'?

• A withdrawal of assets held in a CI account where WHT can be applied and proceeds are sent to the client via cheque or EFT

• A transfer between two institutions regardless of the plan type.

  Withholding tax may or may not applied depending on the source and target account

• A redemption from a CI account where the assets remain registered, i.e., withholding tax is not applied. 

  This includes HBP/LLP and over contribution redemptions

What is the definition of an 'in-cash transfer'?

• A withdrawal of assets held in a CI account where WHT can be applied and proceeds are sent to the client via cheque or EFT

• A transfer between two institutions regardless of the plan type.

  Withholding tax may or may not applied depending on the source and target account.

• A redemption from a CI account where the assets remain registered, i.e., withholding tax is not applied. 

  This includes HBP/LLP and over contribution redemptions

ICT is an acronym for

When processing an in-cash transfer of a locked-in account, the receiving institution must provide us with

• Spousal waiver

• POA

• LTA

• LIA

Answer explanation

Spousal wavier is used when changing the beneficiary of a locked-in plan to someone other than the spouse.

Transfer requests that are not received on a T2033 and are $25,000 Net or above must be

• Signature guaranteed

• Rejected to Reso to obtain a T2033

• Nominee authorized

• Processed ASAP

When processing an in-kind transfer from LIRA to LIF, what is required?

• LIA

• Spousal waiver

• Spousal consent

• LTA

When processing an in-kind transfer from a client held RIF to nominee account RIF, what is the default 'Red Type'?

• T2033

• Open

• T2151

• Regular

When processing an in-kind transfer from a nominee RIF to a nominee RIF, what is the default 'Reg Type'?

• T2033

• Open

• T2151

• Regular