Unmatured RRSPs

As a general rule, when an RRSP did not mature before the annuitant's death, the deceased annuitant is considered to have received, just before death, an amount equal to the fair market value (FMV) of all property of the RRSP. This amount has to be included in the deceased annuitant's income. However, this amount may be reduced if it is paid to a qualifying survivor as a refund of premiums. It can also be reduced if it is paid to the deceased annuitant's estate and the deceased annuitant's legal representative and a qualifying survivor elect to treat some or all of it as being paid to the qualifying survivor. Only the spouse, common-law partner, or a financially dependent child or grandchild can be a qualifying survivor.

In some circumstances, the amount received as a refund of premiums by a qualifying survivor can be transferred and the survivor can claim a deduction for the amount transferred.

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