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BENEFICIARY DESIGNATION REGISTERED PLAN Area Plan Identification (one plan per form) Registered Plan Number Tag Account Number Area Please select ONLY ONE of the following plans Registered Retirement

How to fill out beneficiary designation registered plan

How to fill out a beneficiary designation registered plan:

1. Obtain the necessary forms: Contact the financial institution or plan administrator that manages your registered plan and request the beneficiary designation form.
2. Provide personal information: Fill out the form with your full name, address, birth date, and social insurance number. This information is necessary to identify you as the account holder.
3. Designate primary beneficiary: Indicate the individual(s) who will receive the assets of your registered plan in the event of your death. Provide their full names, relationship to you, and their contact information.
4. Designate contingent beneficiary: If your primary beneficiary predeceases you or is unable to receive the assets, designate a contingent beneficiary. Fill out their information in the same manner as the primary beneficiary.
5. Specify percentage allocation: If you have multiple primary or contingent beneficiaries, allocate the percentage of assets each will receive. Ensure the total percentage adds up to 100%.
6. Review and sign: Carefully review the completed beneficiary designation form for accuracy and make any necessary corrections. Then sign and date the form.
7. Submit the form: Return the completed form to the financial institution or plan administrator according to their instructions. Keep a copy of the form for your records.

Who needs a beneficiary designation registered plan?

1. Individuals with registered plans: Anyone who has a registered retirement savings plan (RRSP), registered retirement income fund (RRIF), or tax-free savings account (TFSA) should consider having a beneficiary designation registered plan.
2. Those who want to control asset distribution: By designating beneficiaries, you have control over who will receive the assets of your registered plan in the event of your death. Without a beneficiary designation, the assets may pass according to the default rules of the plan or be subject to lengthy probate processes.
3. Individuals with specific wishes: If you have specific wishes regarding the distribution of your registered plan assets, having a beneficiary designation plan ensures those wishes are honored. This can be particularly important if you have dependent family members or wish to provide for a charitable organization.
4. Individuals who want to avoid potential conflicts: By clearly designating beneficiaries, you can help minimize potential conflicts among family members or other interested parties who may have different expectations regarding the distribution of your assets.

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What is beneficiary designation registered plan?

Beneficiary designation registered plan is a plan where an individual designates a specific beneficiary to receive the plan's benefits upon their death.

Who is required to file beneficiary designation registered plan?

The plan holder or owner is required to file beneficiary designation registered plan.

How to fill out beneficiary designation registered plan?

To fill out a beneficiary designation registered plan, the individual must provide their personal information, the beneficiary's information, and details of the plan.

What is the purpose of beneficiary designation registered plan?

The purpose of beneficiary designation registered plan is to ensure that the benefits of the plan are distributed according to the plan holder's wishes upon their death.

What information must be reported on beneficiary designation registered plan?

The beneficiary's full name, relationship to the plan holder, date of birth, and contact information must be reported on beneficiary designation registered plan.