Benefits Of Naming A Successor Annuitant For Yo ur RRIF Applies to spouse only Naming the surviving spouse as a successor annuitant instead of a beneficiary of the RRIF provides the same taxdeferred rollover to the annuitant! It also results in the follo"ing additional benefits# $iming of collapse • $he surviving spouse directly ta%es over the deceased&s RRIF and continues to receive the RRIF payments in place of the deceased! If the surviving spouse is named as simply a beneficiar y' the RRIF "ill collapse' resulting in disposal of all of the investments held in the RRIF ! $here may be disadvantages in selling t he investments because of mar%et conditions and associated disposition costs that "ould occur! (ase in administration • By naming the surviving spouse as a successor annuitant' the annuitant&s RRIF account can be transferred to the surviving spouse by simply changing the name on the existing plan or transferring assetsin%ind to the spouse&s RRIF or RRS)! No additional paper"or% is re*uired' and there is no need to execute a brand ne" contract! • In addition' the surviving spouse does not have to deal "ith extra reporting slips +$,RIF-! $he $,RIF identifies the amount paid from the deceased&s RRIF and the amount eligible to be transferred to the surviving spouse&s plan! )ayments unchanged • $he surviving spouse may continue to receive payments based on the original terms of the deceased&s RRIF! .o "ever' if the spouse "as named as a beneficiary' the minimum payments must be recalculated and ad/usted based on the age of the surviving spouse!

Successor Annuitant vs Beneficiary

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Benefits Of Naming A Successor Annuitant For Your RRIF

Applies to spouse only

Naming the surviving spouse as a successor annuitant instead of a

beneficiary of the RRIF provides the same taxdeferred rollover to theannuitant! It also results in the follo"ing additional benefits#

$iming of collapse

• $he surviving spouse directly ta%es over the deceased&s RRIF and

continues to receive the RRIF payments in place of the deceased! Ifthe surviving spouse is named as simply a beneficiary' the RRIF "illcollapse' resulting in disposal of all of the investments held in theRRIF! $here may be disadvantages in selling the investmentsbecause of mar%et conditions and associated disposition costs that

"ould occur!

(ase in administration

• By naming the surviving spouse as a successor annuitant' the

annuitant&s RRIF account can be transferred to the surviving spouseby simply changing the name on the existing plan or transferringassetsin%ind to the spouse&s RRIF or RRS)! No additionalpaper"or% is re*uired' and there is no need to execute a brand ne"contract!

•

In addition' the surviving spouse does not have to deal "ith extrareporting slips +$,RIF-! $he $,RIF identifies the amount paid fromthe deceased&s RRIF and the amount eligible to be transferred to thesurviving spouse&s plan!

)ayments unchanged

• $he surviving spouse may continue to receive payments based on

the original terms of the deceased&s RRIF! .o"ever' if the spouse"as named as a beneficiary' the minimum payments must berecalculated and ad/usted based on the age of the surviving spouse!