knowledge topics

Death of an RRSP Annuitant

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
- Financially dependent child or grandchild because of 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.²
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.⁵
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.⁶

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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