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Is it better to list a beneficiary on registered investments or have the account go to the estate?
Named beneficiaries vs the estate—which is better?
Thanks for writing in, Catherine. A common thing we think about when doing our estate plan is how to make transferring our assets and money to friends and family go smoothly. So, naturally, this brings up the questions: How should you handle your investment accounts? And what makes the most sense for your situation?
First, let’s review the pros and cons of naming beneficiaries in registered accounts versus not naming anyone and having the account flow through to the estate.
Naming beneficiaries on registered accounts
Depending upon the type of registered investment account you hold, Catherine, there may be some planning opportunities for the asset. In every province and territory, except for Quebec, Canadians can name beneficiaries on the registered account. (Note: Under Quebec’s legislation, you can only do so in a will.) The types of accounts that allow for named beneficiaries include registered retirement savings plan (RRSP), registered retirement income fund (RRIF), tax-free savings account (TFSA), registered education savings plan (RESP), and segregated funds…
14 Value Gift Sets to Stretch Every Dollar This Holiday Season
Many brands and retailers package up their best-selling products at significant savings during the holiday shopping season, and we’ve found the best of the best. Here are our favourite bundle gift sets, ranked from least to most savings.
For the coffee fiend on your list. This gift pack from Ontario-based Detour Coffee has two of their super-popular holiday blends and one limited-edition blend.
Total savings: $5
Holiday Tasting Pack, $68, detourcoffee.com
Home office organizer
This gift set is for the person who’s still working from home but hasn’t quite figured it out yet. With a mug full of spreadsheet shortcuts, little confidence-boosting flashcards, and a mute button that gives 100% certainty that your mic is off, it’ll instantly up their WFH game…
The best five-year variable mortgage rates in Canada
Canada’s best credit cards for groceries
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5-year variable mortgage rates in more detail
By Sandra MacGregor on December 8, 2022
Compared to other mortgage products in Canada, five-year variable-rate mortgages are very attractive when market interest rates are low, as they have been for the last several years. Though historically less popular with Canadians than five-year fixed-rate mortgages, variable-rate mortgages offer the possibility of cost savings for home buyers who can tolerate a degree of fluctuation in market interest rates over their five-year terms. But, like all mortgage products, they do have their drawbacks…