RRSP QUESTION

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tigercanada
Member since: May 07

Posts: 122
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Posted on: 15-10-08 10:51:28

HI,

What will happen to RRSP when the Contributor and His/her spouse die before the maturity of RRSP ?

Say the maturity age is 72 ... but both contributor and beneficiary die at the age of 60 -65.. who will get the benefits.

Big Vee
Member since: Jan 05

Posts: 456
Location: Canada-Glorious and Free
Post ID: #PID

Posted on: 15-10-08 11:19:37

Quote:
Originally posted by tigercanada

HI,

What will happen to RRSP when the Contributor and His/her spouse die before the maturity of RRSP ?

Say the maturity age is 72 ... but both contributor and beneficiary die at the age of 60 -65.. who will get the benefits.

The estate gets the RRSP funds "after tax" and is distributed as per the will.

BV

tigercanada
Member since: May 07

Posts: 122
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Posted on: 15-10-08 11:24:49

Thanks BV.

What will be the tax rate...

and what if there is no WILL .

settled
Member since: Dec 08

Posts: 3
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Posted on: 16-12-08 11:05:56

I guess all the RRSPs will have to be counted as the annuitant's income for that year , therefore taxed at their marginal rate.

If no WILL, there will be default inheritors.

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