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NEW In-House Counsel | Insurance | Intellectual Property | Immigration | Natural Resources | Real Estate | Tax

How beneficiaries can escape the evidentiary void

Tuesday, June 13, 2017 @ 8:48 AM | By Jordan Atin

When opening a registered retirement savings plan (RRSP) or registered retirement income fund (RRIF), it is common practice to designate a beneficiary for the registered plan (RP).

What many laypeople aren’t aware of are the significant income taxes associated with the death of the plan holder and most importantly, the liability for those taxes.

Many people assume that any income taxes associated with the RP that result on death will be deducted before the net proceeds of the RP are paid out to the beneficiary. In...