Get the free Form 2379 - Designation of Beneficiary for The Canada RSP or The Canada RIF
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This form is used to designate a beneficiary for the Canada RSP or Canada RIF. It allows the annuitant to specify a beneficiary and provides instructions for changing previously designated beneficiaries.
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How to fill out form 2379 - designation
How to fill out Form 2379 - Designation of Beneficiary for The Canada RSP or The Canada RIF
01
Obtain the Form 2379 from the Canada Revenue Agency (CRA) website or a local CRA office.
02
Fill in your personal information at the top of the form, including your name, address, and social insurance number.
03
Identify the type of plan you are designating a beneficiary for: either the Registered Retirement Savings Plan (RSP) or the Registered Income Fund (RIF).
04
Enter the details of your beneficiary, including their name, relationship to you, and percentage of the benefit they will receive.
05
If you wish to designate more than one beneficiary, ensure that the total percentages equal 100%.
06
Sign and date the form to validate your designations.
07
Submit the completed form to the financial institution managing your RSP or RIF.
Who needs Form 2379 - Designation of Beneficiary for The Canada RSP or The Canada RIF?
01
Individuals who have a Registered Retirement Savings Plan (RSP) or a Registered Income Fund (RIF) and wish to designate one or more beneficiaries for the proceeds upon their death.
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People Also Ask about
What is the difference between a successor and a beneficiary of a RRIF?
If you name a successor annuitant for your RRIF, they'll take over the entire account when you die. If you name a beneficiary, they'll receive the funds from your RRIF, and your account will be closed. You can name anyone as a beneficiary.
Who is the beneficiary of the RSP?
As an RRSP issuer, you have to determine who the beneficiary of the RRSP is before you pay out any amounts. The beneficiary may be designated in the RRSP contract or in the deceased annuitant's will. It is possible that no beneficiary is designated.
How do you fill out a beneficiary form?
Write the names of the first beneficiary(ies) you would like to receive your benefit after you die. You may name an individual(s), entity (such as a charity, business, religious organization, funeral home, etc.), trust, or estate. You may name more than one.
Who is a designated beneficiary in Canada?
Designated beneficiaries can include a survivor who has not been named as a successor holder, former spouses or common-law partners, children, a designated subsequent survivor holder who is the new spouse or common-law partner of the successor holder, and qualified donees.
What is a RRIF beneficiary?
Instead of choosing to have the RRIF payments continue to their surviving spouse or common-law partner after death, the RRIF annuitant can designate another individual as the beneficiary of any part of the RRIF property.
What are the disadvantages of RRIF?
Because RRIF withdrawals are considered taxable income, taking money out too early or more than you need could put you in a higher tax bracket and leave you with a larger tax bill. Withdrawals could also potentially reduce certain government benefits, like Old Age Security (OAS).
Who is the beneficiary of the RRIF?
As a RRIF carrier, you have to determine who the beneficiary of the RRIF is before you pay out any amounts. The beneficiary may be designated in the RRIF contract or in the deceased annuitant's will. It is possible that no beneficiary is designated.
What is the difference between a RRIF and a RRSP?
It can be helpful to think of a RRIF as an extension of your RRSP. While a RRSP helps you to save for retirement, a RRIF provides income during retirement through regular withdrawals of prior savings from your RRSPs. You can hold the same investment options (mutual funds, ETFs, GICs, etc.)
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What is Form 2379 - Designation of Beneficiary for The Canada RSP or The Canada RIF?
Form 2379 is a document used in Canada to designate beneficiaries for Registered Savings Plans (RSP) and Registered Income Funds (RIF). It allows account holders to specify who will receive their account assets upon their death.
Who is required to file Form 2379 - Designation of Beneficiary for The Canada RSP or The Canada RIF?
Individuals who have a Registered Savings Plan (RSP) or a Registered Income Fund (RIF) and wish to designate beneficiaries for their accounts are required to file Form 2379.
How to fill out Form 2379 - Designation of Beneficiary for The Canada RSP or The Canada RIF?
To fill out Form 2379, provide your personal details, such as your name and account number, followed by the details of the beneficiaries you wish to designate, including their names, relationships, and any specific instructions regarding the distribution of assets.
What is the purpose of Form 2379 - Designation of Beneficiary for The Canada RSP or The Canada RIF?
The purpose of Form 2379 is to clearly outline and formalize the account holder's wishes regarding the distribution of their account assets to beneficiaries after their death, ensuring that their intentions are legally recognized.
What information must be reported on Form 2379 - Designation of Beneficiary for The Canada RSP or The Canada RIF?
Information that must be reported on Form 2379 includes the account holder's personal information, account details, names of the designated beneficiaries, their relationship to the account holder, and any specific instructions regarding asset distribution.
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