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Amounts paid from an RRSP or RRIF upon the death of an annuitant
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href="/web/20130514002014/http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/glssry-eng.html#refund" class="glosslink">refund of premiums</a> can be transferred directly or indirectly to your RRSP, or a RRIF, or to buy yourself an eligible annuity if you were a qualified beneficiary of the deceased annuitant.</p> <p class="note"><strong>Note</strong><br/> To determine if the amounts received qualify as a refund of premiums, see <a href="/web/20130514002014/http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/dth/menu-eng.html">Death of an RRSP annuitant</a>.</p> <p> If, at the time of death, you are the deceased annuitant's spouse or <span class="noWrap">common-law</span> partner, or you are a <a href="/web/20130514002014/http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/glssry-eng.html#financially" class="glosslink">financially dependent</a> child or grandchild of the annuitant because of an impairment in physical or mental functions, you can transfer, <span class="noWrap">tax-free</span>, certain amounts paid from the annuitant's RRSP or RRIF. </p> <p> Effective July 1, 2011, you can rollover the proceeds of a deceased annuitant's RRSP or RRIF to the RDSP of a financially dependent infirm child or grandchild. For special transitional rules, see <a href="/web/20130514002014/http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rdsp-reei/menu-eng.html">Registered disability savings plan (RDSP)</a>.</p> <p>If you are the child or grandchild of the deceased annuitant, and are not financially dependent because of an impairment in physical or mental functions, you can only transfer the amounts to a term annuity.</p> <p class="note"><strong>Note<br/> </strong>For the purposes of this type of payment these comments above do not apply to the Specified Pension Plan (SPP).</p> <p>To transfer a refund of premiums to an RRSP, the qualified beneficiary must be <span class="noWrap"><strong>71 years</strong></span><strong> old or younger</strong> at the end of the year the transfer is made.</p> <p>The transfer or purchase has to be completed in the year the refund of premiums is received or within <span class="noWrap">60 days</span> after the end of the year.</p> <p>Sometimes, the fair market value (FMV) of the property of an unmatured RRSP or a RRIF can <strong>decrease </strong>between the date of death and the date of final distribution to the beneficiary or the estate. If the total of all the amounts paid from an unmatured RRSP or RRIF is less than FMV of the RRSP or RRIF at the time of the annuitant's death, a deduction may be claimed on the final return of the annuitant. For more information, <span class="noWrap">see <a href="/web/20130514002014/http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/dth/menu-eng.html">Death of an RRSP annuitant</a> or <a href="/web/20130514002014/http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrif-ferr/dth-eng.html">Death of a RRIF annuitant</a>.</span></p> <h2>Completing your tax return</h2> <p>The issuer who receives the transferred funds will issue a receipt to the qualified beneficiary. The beneficiary can use the receipt to claim a deduction on his or her return for the year the refund of premiums was received.</p> <h3>Funds received from an RRSP:</h3> <ul> <li>If these funds were <strong>transferred to an RRSP</strong>, complete <span class="noWrap"><a href="/web/20130514002014/http://www.cra-arc.gc.ca/E/pbg/tf/5000-s7/README.html">Schedule 7</a></span><a href="/web/20130514002014/http://www.cra-arc.gc.ca/E/pbg/tf/5000-s7/README.html">, RRSP Unused Contributions, Transfers, and HBP or LLP Activities</a>. Report the amount on <strong class="noWrap">line 240</strong> and submit <span class="noWrap">Schedule 7</span> with your return. Include the income on <strong class="noWrap">line 129</strong> and claim the deduction on <strong class="noWrap">line 208</strong> of your return.<br/><br/></li> <li>If these funds were <strong>transferred to a RRIF or an annuity</strong>, include the income on <strong class="noWrap">line 129</strong> and claim the deduction on <strong class="noWrap">line 232</strong> of your return.</li> </ul> <p>If there is a decrease in the FMV of an unmatured RRSP between the date of death and the date of final distribution to the beneficiary or the estate, <span class="noWrap">see <a href="/web/20130514002014/http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/dth/menu-eng.html">Death of an RRSP annuitant</a>.</span></p> <h3>Funds received from a RRIF:</h3> <p>If these funds were received due to the death of a spouse or <span class="noWrap">common-law</span> partner, or if <strong>you were 65 or older</strong> on <span class="noWrap">December 31</span> of the tax year in which you received the funds, report these funds on <strong class="noWrap">line 115</strong> of your return.</p> <ul> <li>If these funds are transferred to your RRSP, complete and submit a <span class="noWrap">Schedule 7</span> and deduct the amount on <strong class="noWrap">line 208</strong> of your return.<br/> <br/> </li> <li>If the funds are transferred to a RRIF or to an annuity, deduct the amount on <strong class="noWrap">line 232</strong> of your return.</li> </ul> <p>If these funds were <strong>not</strong> received due to the death of a spouse or <span class="noWrap">common-law</span> partner, or if <strong>you were not 65 or older</strong> on <span class="noWrap">December 31</span> of the tax year in which you received the funds, report these funds on <strong class="noWrap">line 130</strong> of your return.</p> <ul> <li>If these funds are transferred to your RRSP, complete and submit a <span class="noWrap">Schedule 7</span> and deduct the amount on <strong class="noWrap">line 208</strong> of your return.<br/> <br/> </li> <li>If the funds are transferred to a RRIF or to an annuity, deduct the amount on <strong class="noWrap">line 232</strong> of your return.</li> </ul> <p>If there is a decrease in the FMV of a RRIF between the date of death and the date of final distribution to the beneficiary or the estate, see <a href="/web/20130514002014/http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrif-ferr/dth-eng.html">Death of a RRIF annuitant</a>.</p> <h2>Forms and publications</h2> <ul> <li><a href="/web/20130514002014/http://www.cra-arc.gc.ca/E/pub/tg/t4040/README.html">Guide T4040, RRSPs and Other Registered Plans for Retirement </a></li> <li><a href="/web/20130514002014/http://www.cra-arc.gc.ca/E/pub/tg/rc4177/README.html">Information sheet RC4177, Death of an RRSP Annuitant </a></li> <li><a href="/web/20130514002014/http://www.cra-arc.gc.ca/E/pub/tg/rc4178/README.html">Information sheet RC4178, Death of an RRIF Annuitant</a></li> <li><a href="/web/20130514002014/http://www.cra-arc.gc.ca/E/pbg/tf/t1090/README.html">Form T1090, Death of a RRIF Annuitant - Designated Benefit for <span class="noWrap">year 20__</span></a></li> <li><a href="/web/20130514002014/http://www.cra-arc.gc.ca/E/pbg/tf/t2019/README.html">Form T2019, Death of an RRSP Annuitant - Refund of Premiums <span class="noWrap">for 20__</span></a></li> </ul> <!-- InstanceEndEditable --> </div> <!-- CONTENT ENDS | FIN DU CONTENU --> <!-- TWO COLUMN LAYOUT ENDS | FIN DE LA MISE EN PAGE DE DEUX COLONNES --> <!-- FOOTER BEGINS | DEBUT DU PIED DE LA PAGE --> <div class="footer"> <div class="footerline"></div> <div class="foot1"> <!-- DATE MODIFIED BEGINS | DEBUT DE LA DATE DE MODIFICATION --> Date Modified: <span class="date"> <!-- InstanceBeginEditable name="Updated date" -->2013-01-03 <!-- InstanceEndEditable --></span> <!-- DATE MODIFIED ENDS | FIN DE LA DATE DE MODIFICATION --> </div> <!-- <noindex> --> <div class="foot2"><a href="#tphp" title="Return to Top of Page"><img class="uparrow" src="/web/20130514002014im_/http://www.cra-arc.gc.ca/images/clf2/tphp.gif" width="19" height="12" alt=""/><br/>Top of Page</a></div> <div class="foot3"><a href="/web/20130514002014/http://www.cra-arc.gc.ca/cpyrght-eng.html" title="Important Notices - Privacy statement, Security, Copyright, Disclaimer, Official languages, and Hyperlinking">Important Notices</a></div> <!-- </noindex> --> </div> <!-- FOOTER ENDS | FIN DU PIED DE LA PAGE --> </div> </div></div> </body><!-- InstanceEnd --> </html><!-- FILE ARCHIVED ON 00:20:14 May 14, 2013 AND RETRIEVED FROM THE INTERNET ARCHIVE ON 15:40:47 Nov 24, 2024. 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