TFSA, RRSP and RESP Quick guide
What happens to your TFSA, RRSP and life insurance when you die?
Each account is treated differently. A TFSA passed to a spouse named as successor holder stays tax-free.
Life events › Planning what happens after death
Planning what happens after death
Rex Tax can explain the tax information and insurance matters within our services: what happens to each account at death, the final return, and where insurance may cover a tax bill. Wills, trusts, probate planning and legal advice should be discussed with a qualified lawyer.
How the pieces connect
- Beneficiary and successor-holder forms
- TFSA, RRSP and insurance at death
- Deemed sale of property
- The final return and deadlines
- Clearance certificate
- Where insurance fits
Insurance, TFSAs, RRSPs, RESPs and tax planning solve different problems. The goal is not to sell one product as the answer to everything. Each path below shows how the pieces connect for one event, and which guide to read for each piece.
Guides for this path, in reading order
Personal tax Quick guide
Someone has died. 5 things the person handling the taxes should know
The executor or administrator is the legal representative and files the final return.
Insurance Quick guide
Had a baby, got married or bought a home? Review these 7 beneficiary and protection decisions
Seven decisions. Who is the successor holder of your TFSA. Who is the beneficiary of your RRSP or RRIF.
Home buyers and property Quick guide
Selling your home? 5 tax things people forget
Even when no tax is owed, the sale of your home must be reported on your tax return for the year of sale.
Personal tax Practical guide
I have not filed taxes for several years. Where do I start?
Start by listing the years you have not filed, then gather whatever slips and records you have.
Corporations Quick guide
Life insurance inside a corporation: 5 tax questions owners should understand
A private corporation that receives life insurance proceeds as beneficiary can add the proceeds, minus the policy's adjusted cost basis, to its capital dividend account.
What belongs with a lawyer: Wills, trusts, probate and estate administration are legal matters for a lawyer or notary. Rex Tax does not provide estate-planning legal services.
Other life events
Want this worked through for your situation?
Call us or request a callback. We explain the tax side; insurance is arranged by Parminder Singh Oberoi through Punjab Insurance Agency Inc.; legal documents need a lawyer or notary.