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DISCARDING SECURITIES INC. REGISTERED PLAN BENEFICIARY DESIGNATION OR MODIFICATION NOTICE (do not use for Quebec residents) A. Plan Identification and client information (one plan per form) Account

How to fill out registered plan beneficiary designation

How to fill out a registered plan beneficiary designation

1. Start by gathering all the necessary information: In order to fill out a registered plan beneficiary designation form, you will need to have certain details on hand. These usually include your full legal name, date of birth, social insurance number, and contact information.
2. Determine the type of registered plan: Different types of registered plans have different forms when it comes to beneficiary designations. Make sure you know which type of plan you are dealing with, such as a Registered Retirement Savings Plan (RRSP), Registered Retirement Income Fund (RRIF), or a Tax-Free Savings Account (TFSA).
3. Access the beneficiary designation form: Obtain the necessary form from the financial institution or plan administrator that manages your registered plan. This form may be available online or you may need to request it by visiting a local branch or contacting customer service.
4. Provide personal details: Fill out the form with your personal information, including your full legal name, date of birth, and social insurance number. It is important to ensure that all the information is accurate and up to date.
5. Specify your primary and contingent beneficiaries: Clearly indicate who you want to receive the assets of your registered plan in the event of your death. Your primary beneficiary is the first person or entity that will inherit the assets, while a contingent beneficiary will receive the assets if the primary beneficiary is unable to do so.
6. Consider the designation percentages: If you have more than one beneficiary, you can allocate percentages to determine how the assets will be divided among them. For example, you may want to designate 50% to your spouse and divide the remaining 50% equally between your children.
7. Review and sign the form: Take the time to carefully review all the information entered on the form. Ensure that everything is accurate and reflects your wishes. Once you are satisfied, sign and date the form.
8. Submit the form: Return the completed form to the financial institution or plan administrator. If submitting it online, follow the provided instructions. If mailing or delivering in person, make sure to keep a copy for your records.

Who needs registered plan beneficiary designation?

1. Individuals with registered plans: Anyone who has a registered plan, such as an RRSP, RRIF, or TFSA, should consider filling out a beneficiary designation form. This ensures that their assets are distributed according to their wishes in the event of their death.
2. Those with specific beneficiaries in mind: If you have specific people or organizations that you want to inherit your registered plan assets, it is crucial to complete a beneficiary designation. Without this, the distribution of your assets may be subject to the rules and regulations of the plan or the legal system.
3. Individuals who want to avoid probate: One of the benefits of designating beneficiaries for your registered plan is that it can help bypass the probate process. By naming beneficiaries, the assets can pass directly to them outside of your estate, potentially saving time and money.
4. People with changed circumstances: Life circumstances can change, such as getting married, divorced, having children, or experiencing the loss of a loved one. Reviewing and updating your beneficiary designation ensures that your assets go to the intended recipients, even if those circumstances have changed since you initially filled out the form.

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What is registered plan beneficiary designation?

Registered plan beneficiary designation is a form where an individual specifies who will receive the funds from their registered plan in the event of their death.

Who is required to file registered plan beneficiary designation?

Anyone who has a registered plan, such as an RRSP or TFSA, is required to file a beneficiary designation.

How to fill out registered plan beneficiary designation?

To fill out the form, an individual must provide the name, address, and relationship of the designated beneficiaries.

What is the purpose of registered plan beneficiary designation?

The purpose is to ensure that in the event of the plan holder's death, the funds are distributed according to their wishes.

What information must be reported on registered plan beneficiary designation?

The form must include the name, address, and relationship of the beneficiary, as well as the percentage of the funds they will receive.