Tag · Canada
beneficiary
Loopholes Tagged "beneficiary"
Plain-English guides to Canadian legal rights and workarounds related to beneficiary.
Easy estate-planning
Beneficiary Designations: Bypassing Probate on RRSPs, RRIFs & TFSAs
Naming a beneficiary on your RRSP, RRIF, TFSA, and life insurance policies causes those assets to pass directly to your beneficiary outside of your estate — avoiding probate fees (up to 1.5% in Ontario), delays of 6–18 months, and public disclosure of your estate.
Easy If You Have Insurance
Lost Life Insurance Policy Search — Use OLHI Help to Track Down Forgotten Coverage
Many Canadians never claim life insurance because the family cannot identify the insurer or policy.
Medium If You're Saving for Retirement
TFSA Successor Holder — Keep a Spouse's TFSA Tax-Free After Death
Naming a spouse or common-law partner as TFSA successor holder is often much better than naming them only as beneficiary, because the account can continue as their TFSA without using new contribution room.