RRSP at Death — The Beneficiary Mistake That Costs Your Family Thousands

What happens to your RRSP at death, and the beneficiary fix Paid links: Wealthsimple (referral) + Amazon (affiliate). My opinions. 👉 Wealthsimple: keep your registered accounts and beneficiary designations on one dashboard. $25 when you open and fund a new account with $100 (I get $25 too): https://wealthsimple.com/invite/HTN0SP Canadian investing books for RRSP holders (paid links): 📖 Millionaire Teacher by Andrew Hallam (a Canadian teacher's plain guide to index investing and registered accounts): https://amzn.to/4s9FPRb 📖 Reboot Your Portfolio by Dan Bortolotti (a Canadian playbook for setting up and running your registered accounts): https://amzn.to/4jpZPLF 00:00 - What happens to your RRSP when you die in Canada 01:40 - RRSP deemed disposition and the terminal return 03:10 - RRIF successor annuitant vs RRSP beneficiary 03:49 - RRSP qualifying survivor rollover and refund of premiums 05:08 - 60 day deadline to roll over an inherited RRSP 05:58 - T2019 refund of premiums through the estate 06:23 - three ways the RRSP survivor rollover breaks 07:41 - RRSP beneficiary rules in Quebec 08:50 - how to check and fix your RRSP beneficiary form 09:36 - does a will override an RRSP beneficiary designation When an RRSP holder dies in Canada, the CRA treats the account as a deemed disposition and taxes its full fair market value as income on the final, or terminal, return for the year of death. On a $200,000 RRSP stacked on $90,000 of other income, that reaches Ontario's top 2026 combined rate of 53.53% and can drive $90,000 to $100,000 of tax, depending on your province. The way to defer it is the qualifying survivor rollover, also called a refund of premiums, which lets a surviving spouse, common law partner, or financially dependent child or grandchild move the proceeds into their own RRSP, RRIF, or eligible annuity. The transfer must finish by the end of the year it is received, or within 60 days after. If the money passes through the estate instead of a named beneficiary, CRA Form T2019 still lets a qualifying survivor claim the rollover. The rollover fails when the beneficiary field is blank, when a named beneficiary predeceased the holder, or when the beneficiary is an adult non dependent child. In Quebec, a beneficiary designation on a bank or brokerage RRSP is generally not valid, so it belongs in your will unless the RRSP is a segregated fund held through an insurer. KEY NUMBERS: Ontario top combined marginal tax rate: 53.53% (2026) RRSP at death: 100% of fair market value taxed on the terminal return Survivor rollover deadline: end of the year received plus 60 days Spouse RRSP rollover age limit: 71 Refund of premiums through the estate: CRA Form T2019 RESOURCES: Death of an RRSP Annuitant, CRA (how RRSPs are taxed at death and the rollover options): https://www.canada.ca/en/revenue-agen... Form T2019, CRA (file to claim a refund of premiums through the estate): https://www.canada.ca/en/revenue-agen... RRSP and RRIF amounts on death, CRA (confirm the 60 day transfer window and who qualifies): https://www.canada.ca/en/revenue-agen... I am not a registered financial advisor or tax professional. This video is general financial education broadcast to a wide audience. It is not tailored to your individual financial situation, needs, or objectives. Consult a qualified professional before making investment or tax decisions. As an Amazon Associate I earn from qualifying purchases. Description contains affiliate links. Purchases through these links earn commission at no extra cost to you. NEXT: the RRSP withdrawal strategy that catches most Canadians off guard, year by year, not just at death. Subscribe so you catch it. 🎬 [URL coming] #RRSP #RRSPBeneficiary #EstatePlanningCanada #HudsonBayFinance