Who is the beneficiary of the RRSP?

As an RRSP issuer, you have to determine who the beneficiary of the RRSP is before you pay out any amounts. The beneficiary may be designated in the RRSP contract or in the deceased annuitant's will. It is possible that no beneficiary is designated.

Designation in RRSP contract or will

If the beneficiary is designated in the RRSP contract or the will and you are satisfied that the designation is valid under applicable succession law, the amounts are to be paid to that person.

No designation

If there is no designation of a beneficiary, or 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 treated as a refund of premiums.

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