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Do I have to re-designate my beneficiaries when I convert my RRSP to a RRIF?



Our response:

When a Registered Retirement Savings Plan (RRSP) is converted into a Registered Retirement Income Fund (RRIF), make sure that the designated beneficiary section is filled out appropriately. Designated beneficiaries on your RRSP may not transfer over to your new RRIF as your RRIF establishes a new contract.

Speak to your financial institution, a registered financial representative, or legal counsel for advice to fit your personal and financial circumstances.

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