Skip to content
News & commentary

RRSPs and Your Estate

Home News & Commentary RRSPs and Your Estate
Jon Glougie

Jon Glougie

Most people are aware that they are able to roll their RRSP/RIF to a spouse, common-law partner or financially dependent child or grandchild with a mental or physical disability. What some people don’t always understand, is what happens to the RRSP/RIF if it is being left to anybody other than a spouse, common-law partner or financially dependent child. If you are planning on leaving your RRSP/RIF to anybody other than the aforementioned beneficiary(ies), it is important to understand the impact on your estate.

Your RRSP/RIF will be transferred directly (and in its’ entirety) to your listed beneficiary(ies), however, your estate will still be left with a tax bill. You will need to include the value of your RRSP/RIF in your final income tax return as income! This means that, depending on the size of your RRSP/RIF, your estate may have a sizable tax bill to settle before the remainder of your estate can be distributed to the remaining beneficiaries. If your goal is to evenly split your assets amongst multiple beneficiaries, it is important to understand that an RRSP/RIF and non-registered assets left in the estate will be taxed differently.

If you would like to review your estate plan to ensure that your assets will be distributed as you intend them to be, let us know and we will be more than happy to help!


This information has been prepared by Luft Financial. Opinions expressed in this article are those of Luft Financial only and do not necessarily reflect those of HollisWealth®. Furthermore, this does not constitute an offer or solicitation to buy or sell any of the securities mentioned. The information contained herein may not apply to all types of investors.

How do we elevate your wealth?

It begins with understanding your needs and creating a comprehensive and tailored financial plan to help reduce tax, manage risk and grow your portfolio over the long term. Learn more about how we help you achieve financial security and peace of mind.

News & commentary

February 2021 Portfolio Management Team Update

Market & Economic Environment The record-setting rally in global equities came to a temporary halt in the last week of January, as stocks posted their worst weekly performance in three months. Investors were unnerved by surging prices for the most heavily shorted stocks like GameStop, on concern that hedge funds would have to reduce their […]

Read more
Permanent Life Insurance… an effective estate transferring strategy

Your New Client Portal starter’s guide

The Client Portal offers a simple and convenient way for you to view your investment portfolio anytime, anywhere. Please review this guide and contact us if you have any questions. New Client Portal User Guide

Read more

When Will You Get Your Tax Slips?

There are different mailing dates for different account types. Please click on the link below to view the expected delivery for both mail and online tax slips and reports. 2020 Client Tax Slip Mailing Schedule Checklist

Read more