Successor annuitant
Beneficiary
Minimum payments
Following the death of the annuitant, the minimum payments paid to the surviving spouse may be based on the terms of the RRIF when it was originally set up. Any unpaid minimum amount for the year must be paid to the surviving spouse before the end of the year.
If transferred to a RRIF, minimum payments must be made based on the surviving spouse’s age. Any unpaid minimum amount for the year is ineligible to be transferred to the spouse’s RRIF on a tax-sheltered basis and is taxed in the surviving spouse’s hands in the year the RRIF is transferred to the surviving spouse.
Taxation in the year of death
Any income paid to the deceased prior to death is taxed on the Date of Death tax return. Income paid to the surviving spouse is tax on the surviving spouse’s return.
Any income paid to the deceased prior to death is taxed on the Date of Death tax return. Income paid to the surviving spouse is tax on the surviving spouse’s return.
Tax reporting at death
No tax reporting at death is required other than the usual reporting of payments made from the plan, as outlined above. The RRIF account is transferred by a simple name change on the existing plan or the transfer of assets in-kind to the surviving spouse’s plan.
A T4RRIF is issues to the surviving spouse. Box 16 reports the amount paid from the deceased’s RRIF. Box 24 reports the amount eligible to be transferred to the spouse’s plan. A contribution slip is issued for amounts transferred to the surviving spouse’s RRIF or RRSP.
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