Unmatured RRSPs

As a general rule, when an RRSP did not mature before the annuitant's death, the deceased annuitant is considered to have received, just before death, an amount equal to the fair market value (FMV) of all property of the RRSP. This amount has to be included in the deceased annuitant's income. However, this amount may be reduced if it is paid to a qualified beneficiary as a refund of premiums. It can also be reduced if it is paid to the deceased annuitant's estate and the deceased annuitant's legal representative and a qualified beneficiary elect to treat some or all of it as being paid to the qualified beneficiary. Only the spouse, common-law partner, or a financially dependent child or grandchild can be a qualified beneficiary.

In some circumstances, the amount received as a refund of premiums by a qualified beneficiary can be transferred and the beneficiary can claim a deduction for the amount transferred.

Forms and publications

• Guide T4013, T3 Trust Guide
• T3RET, T3 Trust Income Tax and Information Return
• Form T1090, Death of a RRIF Annuitant - Designated Benefit
• Form T2019, Death of an RRSP Annuitant - Refund of Premiums or Joint Designation on the Death of a PRPP Member
• Form RC249, Post-Death Decline in the Value of a RRIF, an Unmatured RRSP and Post-Death Increase or Decline in the Value of an PRPP

Date modified:

2016-10-24