Who is the beneficiary of the RRIF?
As a RRIF carrier, you have to determine who the beneficiary of the RRIF is before you pay out any amounts. The beneficiary may be designated in the RRIF contract or in the deceased annuitant's will. It is possible that no beneficiary is designated.
Designation in RRIF contract or will
If the beneficiary is designated in the RRIF contract or the will and you are satisfied that the designation is valid under applicable succession law, the amounts are to be paid out to that person.
No designation
If there is no designation of a beneficiary, or if the designation is not valid, you make the payout to the estate. The legal representative of the estate (executor or liquidator) is responsible for determining how the amount will be distributed in accordance with the terms of the will. The legal representative will also determine if the amount can be considered a designated benefit.
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