Transfer RPP to RRSP while on EI
As I am no longer employed with my former employer, I am required to take action regarding the assets in the Registered Pension Plan (RPP) that I had with my former employer.
There isn't a lot of money in the RPP account - only around $750. The plan administrator tells me that I can either withdraw this money less withholding tax, or I can transfer the funds to an RRSP account.
As I am currently on EI, I don't want to withdraw the money yet, as I will have to declare this money as earnings, which will reduce my EI payments.
If I transfer the funds to an RRSP account, am I right that it will not affect my contribution room, nor will it have any impact on my future EI payments? What kind of tax receipt will be generated at the end of the year if I transfer to RRSP?
There isn't a lot of money in the RPP account - only around $750. The plan administrator tells me that I can either withdraw this money less withholding tax, or I can transfer the funds to an RRSP account.
As I am currently on EI, I don't want to withdraw the money yet, as I will have to declare this money as earnings, which will reduce my EI payments.
If I transfer the funds to an RRSP account, am I right that it will not affect my contribution room, nor will it have any impact on my future EI payments? What kind of tax receipt will be generated at the end of the year if I transfer to RRSP?