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September 30, 2022

Non-Residents And Their RRSPS and RRIFS at Death

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Non-Residents And Their RRSPS and RRIFS at Death
Wilmot George VP, Tax, Retirement and Estate Planning


In a recent article, we discussed how the absence of withholding taxes on death of a registered retirement savings plan (RRSP) or registered retirement income fund (RRIF) annuitant can create unexpected consequences. In brief, when the annuitant of an unmatured RRSP or RRIF dies, withholding taxes do not normally apply to the value of the plan at death – the taxable “date of death” amount – which, in the absence of a tax-deferred rollover to an eligible plan1 for a spouse, common-law partner (CLP) or financially dependent child or grandchild, can create a significant tax bill for the deceased’s estate. Read more here.

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Published April 8, 2022.