Death of an RRSP Annuitant
KNOWLEDGE EXPECTED OF: QAFP® Professionals
Highest Knowledge Level: Understanding
Knowledge Levels and Associated Verbs
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Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
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Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
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Application
Ability to put information to use / to use knowledge for relevant, practical purposes
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Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
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Define
To state exactly the meaning of
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Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
|
Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
|
Determine
To ascertain / to come to a decision, such as by investigation or reasoning
|
Compare
To note the similarities and differences between two or more things
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Estimate
To determine an approximate value for
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Calculate
To find the value using mathematics
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Convert
To change from one form or purpose to another
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Evaluate
To reach a conclusion or make a through careful study
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Interpret
To give the meaning of / to construe or understand / to translate orally
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Hold cursor over or click on each term to read its definition.
- Define refund of premiums.1
- Identify the plans from which a refund of premiums may be received.2
- Define the beneficiaries who may qualify to receive a refund of premiums from a deceased annuitant/plan member’s registered plan.3
- Surviving spouse
- Financially dependent child or grandchild
- Child or grandchild who is financially dependent due to an impairment in physical or mental functions
- Define financially dependent with respect to the qualification of a dependent child or grandchild.4
- Explain how a refund of premiums defers income tax consequences from the deceased plan member to a qualified beneficiary.
- Identify the types of plans of a qualified beneficiary to which capital property may be transferred tax-deferred from a Registered Retirement Savings Plan due to the death of an annuitant.5
- Identify the individuals who must file a joint election with the Canada Revenue Agency to qualify the contribution received from a deceased annuitant’s assets as a refund of premiums.6
- Explain how proceeds received directly by a qualified beneficiary from a deceased annuitant’s registered plan will be treated for tax purposes.
- Explain how a qualified beneficiary who receives proceeds indirectly from a deceased annuitant’s registered plan may defer the taxes on such an amount.
- Explain who may contribute to a spousal Registered Retirement Savings Plan on behalf of a deceased contributing spouse.
- Explain how the death of a Registered Retirement Savings Plan annuitant is treated for tax purposes.
- When the surviving spouse is the sole beneficiary of the deceased’s Registered Retirement Savings Plan
- When the surviving spouse is not the sole beneficiary of the deceased’s Registered Retirement Income Fund, and a qualified beneficiary is named
- When the surviving spouse is not the sole beneficiary of the deceased’s Registered Retirement Income Fund, and no qualified beneficiaries are named
REFERENCES
KNOWLEDGE EXPECTED OF: CFP® Professionals
Highest Knowledge Level: Understanding
Knowledge Levels and Associated Verbs
|
Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
|
Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
|
Application
Ability to put information to use / to use knowledge for relevant, practical purposes
|
Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
|
||||||
|---|---|---|---|---|---|---|---|---|---|
|
Define
To state exactly the meaning of
|
Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
|
Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
|
Determine
To ascertain / to come to a decision, such as by investigation or reasoning
|
Compare
To note the similarities and differences between two or more things
|
Estimate
To determine an approximate value for
|
Calculate
To find the value using mathematics
|
Convert
To change from one form or purpose to another
|
Evaluate
To reach a conclusion or make a through careful study
|
Interpret
To give the meaning of / to construe or understand / to translate orally
|
Hold cursor over or click on each term to read its definition.
- Define refund of premiums.1
- Identify the plans from which a refund of premiums may be received.2
- Define the beneficiaries who may qualify to receive a refund of premiums from a deceased annuitant/plan member’s registered plan.3
- Surviving spouse
- Financially dependent child or grandchild
- Child or grandchild who is financially dependent due to an impairment in physical or mental functions
- Define financially dependent with respect to the qualification of a dependent child or grandchild.4
- Explain how a refund of premiums defers income tax consequences from the deceased plan member to a qualified beneficiary.
- Identify the types of plans of a qualified beneficiary to which capital property may be transferred tax-deferred from a Registered Retirement Savings Plan due to the death of an annuitant.5
- Identify the individuals who must file a joint election with the Canada Revenue Agency to qualify the contribution received from a deceased annuitant’s assets as a refund of premiums.6
- Explain how proceeds received directly by a qualified beneficiary from a deceased annuitant’s registered plan will be treated for tax purposes.
- Explain how a qualified beneficiary who receives proceeds indirectly from a deceased annuitant’s registered plan may defer the taxes on such an amount.
- Explain who may contribute to a spousal Registered Retirement Savings Plan on behalf of a deceased contributing spouse.
- Explain how the death of a Registered Retirement Savings Plan annuitant is treated for tax purposes.
- When the surviving spouse is the sole beneficiary of the deceased’s Registered Retirement Savings Plan
- When the surviving spouse is not the sole beneficiary of the deceased’s Registered Retirement Income Fund, and a qualified beneficiary is named
- When the surviving spouse is not the sole beneficiary of the deceased’s Registered Retirement Income Fund, and no qualified beneficiaries are named
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