RRSP season: Have you planned for beneficiaries?

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For Your Information RRSP season: Have you planned for beneficiaries?

RRSP season: Have you planned for beneficiaries?

And so it shall be. The family convinced me to leave my registered retirement savings plan (RRSP) assets, among other things, to them instead. Since it’s RRSP season, it’s worth talking about the beneficiaries of your RRSP. Who have you named to receive your plan assets when you’re gone? At the time of your death you’ll be deemed to have collapsed any RRSP that you have. This can create a tax bill on the full fair market value of the assets in your RRSP. Naming your spouse or common-law partner as the beneficiary of your RRSP will allow you to avoid the tax on the plan assets.

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