For couples, naming a spouse is the typical choice. You have several options if you’re divorced, widowed, single or have specific estate planning needs.
Designating your spouse. You can name your spouse as the successor annuitant or beneficiary. As successor annuitant, your spouse can simply take over the RRIF. If you name your spouse as beneficiary, your RRIF collapses, the funds are transferred to your spouse’s RRIF or Registered Retirement Savings Plan (RRSP) and your spouse reports the transaction on their tax return.
Naming another individual. When you name a child, grandchild or another individual as the beneficiary, they receive the RRIF assets tax-free, and the assets are taxable on your final tax return. An exception is when the beneficiary is a financially dependent child or grandchild, in which case the inheritance is commonly received on a tax-deferred basis.
Choosing the estate. An individual may choose to leave RRIF assets to their estate to help cover taxes payable by the estate or to help fund a trust.
Making a charitable gift. When you name a charity as a beneficiary of your RRIF, your estate receives a donation tax credit equal to the amount of the gift, which helps to offset taxes payable by the estate.
Note for Quebec residents: A beneficiary can only be named on the RRIF form when the RRIF is an insurance product. Otherwise, the beneficiary must be named in the will. Also, you can only your spouse as a successor annuitant if the RRIF is an insurance product.
This article is excerpted from the Well‑Advised Summer 2026 Newsletter and published on behalf of your financial advisor for clients residing in jurisdictions where they are registered. This material is provided solely for informational and educational purposes and is not to be construed as an offer or solicitation for the sale or purchase of any securities or as providing individual investment, tax or legal advice. Consult your professional advisor(s) prior to acting on the basis of this material. Insurance products are available through advisors registered with applicable insurance regulators. In considering any particular investment, please remember that past performance is no guarantee of future performance. Although this material has been compiled from sources believed to be reliable, we cannot guarantee its accuracy or completeness. All opinions expressed and data provided herein are subject to change without notice. Neither CI Assante Wealth Management Ltd. their affiliates or their respective officers, directors, employees or advisors are responsible in any way for any damages or losses of any kind whatsoever in respect of the use of this material. CI Assante Wealth Management is a registered business name of Assante Wealth Management (Canada) Ltd. CI Assante Wealth Management Ltd is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization.
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