Rob Carrick says it’s time to go through your registered accounts to ensure you’ve named a beneficiary
A little personal finance project for this spring: Go through all your registered accounts to ensure you’ve named a beneficiary.
Or, in the case of tax-free savings accounts, a successor holder. Or, in the case of registered retirement income funds, a successor annuitant. I was reminded of these estate planning intricacies after readers responded to aFinancial planner Jane Bolstad said in that newsletter that a RRIF can be transferred tax-free to a qualifying beneficiary, which would be a spouse/common-law partner or a financially dependent child or grandchild.
The background here is that in all provinces but Quebec, you can name an individual as a beneficiary for an account right on the application form. You don’t have to, though. If you prefer, it’s possible to name your estate as the beneficiary and leave it to your will to say which account assets go to whom. The guide assumes you’ll name beneficiaries on the account form.With a TFSA, married or common-law individuals have the choice of naming their spouse a beneficiary or a successor holder.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Colby Cosh: Using Alberta’s oil money to keep taxes low the morally correct thing to doPutting the money in Albertans\u0027 pockets means protecting it from malinvestment or corruption
Read more »
John Wick: Chapter 4 is as good as it is long. And it's longIt\u0027s just shy of three hours, which is the only thing shy about this rambunctious, over\u002Dthe\u002Dtop shoot\u002D\u0027em\u002Dup
Read more »
Lulu who? A cult brand takes on the booming culture of 'dupes'The hashtag dupe -- or cheaper alternatives to household names or luxury brands, but not considered counterfeits because most don't make an effort to fake logos -- has racked up billions of views. And one pricey brand is taking the trend head on by offering the real thing.
Read more »
Her dad was diagnosed with cancer. To honour him, this teen donated thousands of books to kids in hospitalsEmily Bhatnagar has always found solace in reading. When she's struggling with anxiety and depression, she turns to books. So when she accidentally saw a text message on her father's phone notifying relatives he had stage 4 thyroid cancer, she masked her fears with the one thing she's always found comfort in.
Read more »