Transitional Assistance Program
Choosing cash and/or RRSP deposits
You may have several options for receiving
Transitional Assistance Program funding, including cash
payment (which is considered to be taxable income) and
direct deposits to one or more than one Registered
Retirement Savings Plans (RRSP). If you have RRSP
contribution room available, then you may choose to
receive some or all of your Transitional Assistance
Program benefit payments in the form of deposits
directly into your RRSP or a spousal or common-law RRSP.
You must indicate your choice of how to receive payment
on the Direction to Pay
form that we will send you. In order to choose the
RRSP option, you will need to provide us with
information showing that you have contribution room. To
do this, you
must send us a copy of your 2008 income
tax Notice of Assessment along with your
original completed and signed
Direction to Pay, Employer
and Employee Resignation/Retirement Agreement and
Declaration forms. If you request RRSP deposits in
2010, then we will ask you to send us a copy of your
2009 income tax Notice of Assessment once you receive
it. If you choose to receive payment to an RRSP, you
must have your bank apply its
address stamp to your Direction to Pay form. This
is to ensure that we have accurate information on your
financial institution. The form of payment you choose,
and the timing of payments, may affect your personal
finances in unexpected ways. We
strongly encourage you to seek professional financial
advice if you are unsure about the tax and other
financial implications of your choice between cash and
RRSP deposits. Program staff are
not able (or qualified) to provide you with this
type of advice.
For more information about the Community Development Trust:
- 1-877-238-8882 from B.C. communities outside Victoria
- 250-387-5349 from Victoria
- email: cdt@gov.bc.ca
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