Can I designate a secondary beneficiary on an RRSP?

Jamie Golombek, vice-president of taxation and estate planning at AIM Trimark Investments, has the answer.

Jamie Golombek 6 March, 2003 | 2:00PM

Dear Expert:

Can we designate a secondary beneficiary in the event both myself and my spouse die? This is common with insurance policies, but I have not been asked this question when purchasing RRSPs.

Expert Opinion:

Depending on the financial institution, you may be able to designate a secondary beneficiary who would receive the money from your RRSP in the event that both you and your spouse die. Contact your financial institution to inquire whether this is possible and, if it is, how this is done since, as a practical matter, most RRSP application forms do not have the space required for designating a secondary beneficiary.

To find out how much an RRSP contribution may save you, try Morningstar's RRSP Calculator.

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Jamie Golombek

Jamie Golombek