FinancialCanada
RRSP (Registered Retirement Savings Plan)
An RRSP is a Canadian retirement savings account where contributions are tax-deductible. Critical estate point: if your RRSP does not name your spouse as direct beneficiary, the full balance is treated as income in your year of death — potentially creating a very large tax bill. Name your spouse as direct beneficiary on your RRSP, not your estate.
In short
An RRSP is a Canadian retirement account with a critical estate rule: without your spouse named as direct beneficiary, the full balance is taxed in your year of death. Check your beneficiary today.
TheJourneyOf.Life connects all your financial accounts in one place and shows you your complete picture. Start for $9.99/month.