SPECIFY YOUR RRSP BENEFICIARY

Hopefully when you purchased or updated your RRSP you filled out a beneficiary form designating your spouse (if that's what you want) as beneficiary on the RRSP. That is VERY important in Canada because under Canada's Income Tax Act, on the death of one spouse, there is a rollover of all the collected income in the RRSP to the surviving spouse if the surviving spouse has clearly been designated as beneficiary. Just in case you missed the beneficiary designation on an RRSP, your Will in Ontario, Canada should make a clear beneficiary designation. The same may apply to a RIF and some other investments. Ask your lawyer and your investment advisor. 


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