Upon
retirement or termination of employment, you may receive a severance package
(or a retiring allowance). The eligible portion can be transferred into your
RRSP (without reducing your RRSP contribution room) within 60 days of December
31st: $2,000 for each part, or full year of service before 1996 in which you
were employed. You can also transfer an extra $1,500 for each part, or full
year of service before 1989 (if you were not entitled to receive any benefits
earned under a pension plan or Deferred Profit Sharing Plan (DPSP) from contributions
your employer made for each of those years). These transfers do not reduce
your RRSP contribution room.
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