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What happens to my RRIF when I die?
– moneysense.ca
I have named my three adult children as the beneficiaries of my RRIF account. Will this account be rolled over to them on a tax-free basis?–Bob
Can you name a beneficiary on a RRIF?
Thanks for your question, Bob. A registered retirement income fund (RRIF) is one of several registered accounts available in Canada, along with the registered retirement savings plan (RRSP), tax-free savings account (TFSA) and others. These accounts can be valuable financial tools, as they offer various tax incentives and handy estate planning options, such as naming a beneficiary (or multiple beneficiaries) who will receive the assets in the account upon our death.
In all provinces except Quebec, you can name your beneficiary directly within a registered account. In Quebec, the beneficiary can only be named in a will.
Let’s review who can be a beneficiary of your RRIF account and the tax implications depending on their relationship to you.
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The FHSA is a type of registered account that allows you to contribute up to $8,000 annually, up to a lifetime limit of $40,000, to save for the purchase of your first home.FHSAs are scheduled to become available as early as April 1, 2023. However, availability will vary by financial institution. Many are expected to launch their FHSA later in 2023.
Canadians will soon be able to boost their savings for a down payment on a home with a new type of registered account. The first home savings account (FHSA) creates up to $40,000 in tax-free savings room for first-time home buyers who face barriers to entry into the real estate market. In this article, we’ll explain why the FHSA was created, how it works, and how you can maximize its potential—whether or not you’re saving for a home. (More on using it outside of home ownership later on.)
The best FHSA in Canada
Banks and other financial institutions can begin rolling out their FHSAs as early as April 1, 2023…
