Subsection 215(4)
Administrative Policy
8 April 2020 External T.I. 2016-0668991E5 F - Death of RRSP or RRIF annuitant
T4RIF issued to surviving spouse rather than to deceased where transfer of entire eligible amount to surviving spouse’s RRSP or RRIF, and RRIF is fully distributed
When the annuitant of an unmatured RRSP or a RRIF dies and the surviving spouse is named as the sole beneficiary in the contract, should the issuer or carrier issue T4RSP or T4RIF slips in the name of the surviving spouse, instead of in the name of the deceased? CRA responded:
[I]n the situation where the Spouse is named as the sole beneficiary of an unmatured RRSP or RRIF … in the RRSP or RRIF contract, the T4RSP or T4RIF slip will be issued in the Spouse's name where all of the following conditions are satisfied:
- the Spouse is named as beneficiary in the RRSP or RRIF contract (Footnote 13) of all the property held in the RRSP or RRIF;
- the entire refund of premiums in the case of an RRSP, or the eligible amount of the benefit designated under subsection 146.3(6.11) in the case of a RRIF, is transferred directly, under paragraph 60(l), to an RRSP or RRIF under which the Spouse is the annuitant or the funds are used to purchase an eligible annuity under which the Spouse is the annuitant;
- before December 31 of the year following the year of death, all property held in the RRSP or RRIF is distributed.
Where these conditions do not apply, a T4RSP or T4RIF slip should be issued in the deceased annuitant's name for the year of death, showing an amount equal to the FMV of all property held in the RRSP or RRIF at the time of death.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 146 - Subsection 146(8.9) | discretionary s. 146(8.9) deduction is available even where no timely issuance of T4RSP, but no deduction where annuitant with surviving spouse dies after the maturity of the RRSP | 220 |
| Tax Topics - Income Tax Act - Section 146.3 - Subsection 146.3(6.2) | s. 146.3(6.2) deduction can be less than the formula amount and does not depend on timely receipt of T4RIF – but applies only when the last annuitant of a RRIF dies | 224 |
| Tax Topics - Income Tax Regulations - Regulation 214 - Subsection 214(4) | T4RSP issued to surviving spouse rather than to deceased where transfer of entire refund of premiums to surviving spouse’s RRSP and RRSP is fully distributed | 268 |
| Tax Topics - Income Tax Regulations - Regulation 205 - Subsection 205(1) | issuer required to issue T4RSP or T4RIF within a reasonable time after notification of death received after February filing date | 116 |