Matured RRSP

If the surviving spouse or common-law partner is:

  • the beneficiary of the RRSP, as specified in the RRSP contract, the remaining annuity payments under the RRSP become payable to the annuitant's surviving spouse or common-law partner and he or she will begin to receive the annuity payments; or
  • the beneficiary of the estate, the spouse or common-law partner and legal representative can jointly elect in writing to treat amounts the RRSP paid to the estate as being paid to the spouse or common-law partner. The surviving spouse or common-law partner must attach a copy of the written election to his or her income tax and benefit return. The election has to specify that the surviving spouse or common-law partner is electing to become the annuitant of the RRSP. If such an election is made, no T4RSP slip will be issued in the name of the estate even if the estate received the amounts.

The T4RSP slip is issued with an amount shown in box 16 of the T4RSP. The slip will be in the name of the surviving spouse or common-law partner and is to be reported by the surviving spouse or common-law partner.

For all other beneficiaries

Annuity payments from an RRSP registered after June 29, 1978, that are to be paid to a beneficiary other than the RRSP annuitant’s surviving spouse or common-law partner, have to be commuted. This commutation payment is not taxable in the beneficiary’s hands. The FMV of the property the RRSP held at the time of the annuitant’s death is included in the deceased annuitant’s income for the year of death.

The amount reported on the deceased annuitant’s final income tax and benefit return may be reduced if, at the time of death, you were a financially dependent child or grandchild of the annuitant and an amount is paid from the RRSP to you or to the estate of which you are a beneficiary. For more information, see Information Sheet RC4177, Death of an RRSP Annuitant, and Form T2019, Death of an RRSP Annuitant – Refund of Premiums.

The T4RSP slip is issued in the name of the deceased annuitant and the income has to be reported on the deceased annuitant's income tax and benefit return. The amount will be shown in box 34 of the T4RSP.

When the beneficiary receives income earned in the RRSP after the annuitant dies, a T4RSP slip is issued in the name of, and is to be reported by, the beneficiary. The amount will be shown in box 28 of the T4RSP.

When the estate receives income earned in the RRSP after the annuitant dies, a T4RSP slip is issued in the name of, and is to be reported by, the estate. The amount will be shown in box 28 of the T4RSP.

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