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Designation of Beneficiary

Important Reminder

Your designation of beneficiary will not be revoked or changed automatically by any marriage or divorce.

Should you wish to change your beneficiary in the event of a marriage or divorce, you will have to do so by means of a new designation form.

Contact your branch for more information.

What is the beneficiary designation?

When you have registered products (RRSP, TFSA or RRIF), you can designate one or more beneficiaries. A beneficiary is a person you designate in writing to receive the funds from your registered products upon your death. You can name more than one beneficiary. For TFSAs and RRIFs, you can name your spouse or common-law partner, also known as the successor holder. The beneficiary designation can be changed or revoked at any time, with the holder’s signature. Under no circumstances can a Power of Attorney (POA) modify or revoke a beneficiary designation.

Who can be a beneficiary?

You can appoint the person (s) of your choice; it’s your decision. If you are considering designating a minor or are unsure of your choice of beneficiary, it is recommended that you consult an estate professional. In certain circumstances, funds may be paid to the Public Trustee of Manitoba or a designated guardian until the beneficiary reaches the age of majority. In other cases, a valid will might also be the best option to manage the distribution of your registered products;

  • When a minor is designated as the beneficiary
  • When multiple beneficiaries are named
  • When proceeds are to pass to the children of a beneficiary if that beneficiary predeceases the annuitant

 
Advantages

  • The funds will be returned directly to the beneficiaries, without waiting for the settlement of the estate.
  • Funds will be exempt from probate fees (certain conditions apply).
  • If your spouse or common-law partner is named as the surviving beneficiary, the TFSA and RRIF funds may, under certain conditions, be transferred directly to the surviving beneficiary’s TFSA or RRIF, with no impact on taxes or on unused TFSA contribution room (certain conditions apply).
  • When you designate a surviving beneficiary, you can also designate one or more optional beneficiaries if, in the unfortunate circumstance, the death of the owner and the surviving beneficiary occur at the same time.
  • The beneficiary designation or the successor holder can be changed or revoked at any time, free of charge.
  • The owner’s estate account, a family trust, or a corporation can be chosen as the beneficiary.