How Your Agreement Guides the Transfer Process
Your Separation Agreement serves as an instruction manual for lawyers, bankers, investment advisors and pension corporations. You need to get them a copy of the agreement so they can transfer property for you. They need to know that they can legally make the changes and that your spouse is agreeable and that is what the agreement will show them. So, you will need to keep your agreement handy as you meet with professionals to make all the transfers.
Transfer the house
Your family lawyer may handle the house transfer for you or they may refer you to a real estate lawyer. Either way, the lawyer will handle the transaction of changing the title of the property, registering new mortgages and making all the payouts.
Financial accounts and credit cards
If you are closing joint accounts or transferring any funds between accounts (including RRSPs, see below) you will need to meet with your financial institution to make the changes. They will close/transfer joint accounts and take your spouse's name off any credit cards.
RRSPs
If there is any transfer of RRSP funds necessary, you will need to meet with your investment advisor to transfer funds between the RRSP accounts. They will fill in a T2220 Form (Transfer from an RRSP, RRIF, PRPP or SPP on Breakdown of Marriage or Common-law Partnership) outlining the details of the transfer. This form ensures that you do not pay tax on the transfer.
You may also name new beneficiaries on your RRSP account.
Pensions
If you are equalizing pensions you will need to send the Separation Agreement to the Pension Corporation and follow their procedure for dividing the pension. You will be able to designate a new beneficiary as well.
Here's some information for some common plans:
Canada Pension Plan
A year from the date of separation or upon divorce, you can apply to split CPP credits. All the information about doing this can be found HERE. You can apply online using your My Service Canada account.
You are able to designate a new beneficiary of your survivor benefits, as well.
Important Disclaimer
Content and videos in The Divii Knowledge Centre provide general information about separation and divorce and is not and should not be considered legal advice. For guidance specific to your situation, it's important to consult with a qualified family lawyer in your area. It's always highly recommended to seek independent legal advice during your separation.