Get the free RSP BENEFICIARY DESIGNATION - ICICI Bank Canada

#SUBDUE (01/2012) Online APPLICATION FORM Account No: CIF No: (For Office Use) RSP BENEFICIARY DESIGNATION ? To designate a beneficiary to your RSP account, please complete, print, sign and bring

How to fill out rsp beneficiary designation

How to Fill Out RSP Beneficiary Designation:

1. Start by obtaining the necessary forms: Contact your financial institution or RSP administrator to request the beneficiary designation form. They may provide it online or through mail.
2. Provide your personal information: Fill in your full name, address, date of birth, and social insurance number. These details will help identify your account and ensure accuracy.
3. Select your primary beneficiary: Indicate who you want to receive the RSP assets upon your death. This can be a person, such as a spouse, child, or trusted friend, or even an organization or charity.
4. Specify contingent beneficiaries: If your primary beneficiary predeceases you or is unable to receive the assets, you can designate contingent beneficiaries. They will inherit the assets if the primary beneficiary is not available.
5. Determine the percentage allocation: Decide how you want to divide the RSP assets among the beneficiaries. You can assign specific percentages to each beneficiary or choose to distribute it equally.
6. Review and update regularly: It's essential to review your RSP beneficiary designation forms periodically, especially after significant life events like marriage, divorce, birth, or death. Make any necessary changes to ensure your wishes are up to date.

Who Needs RSP Beneficiary Designation:

1. Individuals with Registered Retirement Savings Plans (RSP): RSP beneficiary designation is essential for anyone who has an RSP account in Canada. It allows individuals to specify who will inherit their RSP assets upon their death.
2. Those who want to control the distribution of RSP assets: By designating beneficiaries, you have control over who receives your RSP assets after you're gone. This ensures your assets are distributed according to your preferences and avoids potential challenges among family members.
3. People with changing life circumstances: Life is unpredictable, and circumstances change. If you've recently married, divorced, had children, or experienced other significant life events, updating your beneficiary designation ensures your RSP assets align with your current wishes.

In conclusion, filling out an RSP beneficiary designation involves providing personal information, selecting primary and contingent beneficiaries, determining division percentages, and reviewing and updating regularly. Anyone with an RSP account who wants to have control over their asset distribution should consider completing this designation form, especially those experiencing changing life circumstances.

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What is rsp beneficiary designation?

RSP beneficiary designation is a form that allows the account holder to specify who will receive the funds in the event of their death.

Who is required to file rsp beneficiary designation?

Anyone who has an RSP account is required to file a beneficiary designation form.

How to fill out rsp beneficiary designation?

To fill out the RSP beneficiary designation form, the account holder must provide the name and contact information of the designated beneficiary.

What is the purpose of rsp beneficiary designation?

The purpose of RSP beneficiary designation is to ensure that the funds in the account are distributed according to the account holder's wishes in the event of their death.

What information must be reported on rsp beneficiary designation?

The RSP beneficiary designation form typically requires the account holder to provide the beneficiary's name, relationship to the account holder, and contact information.