Successor annuitant vs. beneficiary

Dawn Luhning |

Hello all! Long time no blog! :) Time for me to get back at it and I have a topic for you that is specific to anyone who has RRIFs (Registered Retirement Income Fund). So you may choose not to keep reading but, you may miss something else. ...

I am currently in the process of going through all my client accounts to determine who has RRIFs. In particular, I will be contacting you to update your RRIFs with a successor annuitant in the case of having a spouse. If a client designates their spouse as successor annuitant rather than beneficiary it will allow for maintaining full tax exemption status of the account in the event of an estate settlement. If you instead, designate a spouse as beneficiary, this only allows the tax exemption up to the date of death of the owner of the RRIF. So, it's important to have the right designation on these types of accounts. If you have RRIFs and would like to ensure that you have your spouse listed as successor annuitant, let's meet (click on the booking link on this page) and update. In turn, you will hear from me, if you own a RRIF and have a spouse.

I would also like to take this opportunity to welcome my new part-time assistant, Christy, to the 'fold'. We have been spending some time training and she is quickly getting up to speed with the admin side of things. There's a lot to learn and so I ask for your patience as we transition through. My assistant, Sandi, is also helping out a few days a week.

My office will be closed this Friday, May 4 as I am attending a seminar/road show with CI Investments in Regina. It's time for me to begin earning education credits (a yearly task) and what better way to get up to date with what's happening in the markets.

Enjoy what appears to finally be spring. It has seemed like a long time coming but it's welcome. Until next time...

~ Dawn