Unmatured RRSP

Transfer to the surviving spouse or common-law partner (named as beneficiary in the RRSP contract)

If, by the end of the year following the year of death of the annuitant, all of the property the RRSP held is paid to you as the deceased annuitant’s spouse or common-law partner (as specified in the RRSP contract), and that property is directly transferred to your RRSP, claim a deduction equal to the amount transferred to your RRSP on line 208 of your income tax and benefit return. If the amount is directly transferred to your RRIF or directly transferred to an issuer to buy yourself an eligible annuity, claim a deduction equal to the amount transferred on line 232 of your income tax and benefit return.

The T4RSP slip is issued in the name of, and is to be reported on line 129 by the surviving spouse or common-law partner. The amount will be shown in box 18 of the T4RSP. The spouse or common-law partner will be eligible to claim a deduction on line 208 of his or her income tax and benefit return.

For more information, see Amounts paid from an RRSP or RRIF upon the death of an annuitant.

For all other situations

The fair market value of the property the RRSP held at the time of death is included in the deceased annuitant's income for the year of death.

The T4RSP slip is issued in the name of the deceased annuitant and the income has to be reported on his or her final income tax and benefit return. The amount will be shown in box 34 of the T4RSP.

The amount reported on the deceased annuitant's final income tax and benefit return may be reduced if:

• You were the spouse or common-law partner of the annuitant at the time of death, and an amount is paid from the unmatured RRSP to you or to the estate of which you are the beneficiary. The T4RSP slip is issued in the name of, and is to be reported by, the surviving spouse or common-law partner, or estate. The amount will be shown in box 18 or 28 of the T4RSP.

• You were, at the time of death, a financially dependent child or grandchild of the annuitant and an amount is paid from the unmatured RRSP to you or to the estate of which you are a beneficiary. The T4RSP slip is issued in the name of, and is to be reported by, the child, grandchild, or estate. The amount will be shown in box 28 of the T4RSP. For more information, see Information Sheet RC4177, Death of an RRSP Annuitant or a PRPP Member, and Form T2019, Death of an RRSP Annuitant – Refund of Premiums or Joint Designation on the Death of a PRPP Member.

• There is a decrease in the fair market value of an unmatured RRSP between the date of death and the date of final distribution to the beneficiary or the estate. For more information, see Information Sheet RC4177, Death of an RRSP Annuitant or a PRPP Member, and Form RC249, Post-Death Decline in the Value of a RRIF, an Unmatured RRSP or Post-Death Increase or Decline in Value of a PRPP. This applies where the final payment from the unmatured RRSP occurs after 2008. See Examples – Death of an RRSP or RIFF annuitant.

When the beneficiary receives income earned in the RRSP after the annuitant dies, a T4RSP slip is issued in the name of, and is to be reported by, the beneficiary. The amount will be shown in box 28 of the T4RSP.

When the estate receives income earned in the RRSP after the annuitant dies, a T4RSP slip is issued in the name of, and is to be reported by, the estate. The amount will be shown in box 28 of the T4RSP.

Date modified:

2016-11-16