Know the Lingo: Beneficiary Terms

Beneficiary

A registered account beneficiary is an individual chosen by you to receive the proceeds of your registered account in the event of your death. (If you live in Quebec, you can only name a beneficiary in your will.)

Contingent beneficiary

You can name a contingent beneficiary (or a person next in line) to receive the funds in your registered account if the primary beneficiary cannot. (Not applicable in Quebec.)

Irrevocable beneficiary

In British Columbia only, residents can name one or more irrevocable beneficiaries. Irrevocable beneficiaries cannot be changed without their consent.

Registered Education Savings Plan (RESP) Beneficiaries

Unlike other registered accounts, whose assets are distributed upon the account holder's death, an RESP's funds are typically distributed when a beneficiary attends a qualified post-secondary education program. Learn more about RESP beneficiaries.

Successor annuitant

For RRIFs only, a successor annuitant becomes the new owner of your RRIF after your death. Only your spouse or common-law partner can be named. (Not applicable in Quebec.)

Successor holder

For TFSAs only, a successor holder becomes the new owner of your registered account after your death. Only your spouse or common-law partner can be named. (Not applicable in Quebec.)

The information provided in this article is for general purposes only and does not constitute personal financial advice. Please consult with your own professional advisor to discuss your specific financial and tax needs.