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Program · Federal

Beneficiary designations

Named persons who receive proceeds of registered accounts and insurance upon death. Override your will for registered assets; bypass probate.

Reviewed by Ben Stevenson, Managing Editor, Canadian Money Help Updated April 21, 2026 Methodology

Eligibility

  • Any holder of RRSP, RRIF, TFSA, FHSA, life insurance, or pension
  • Designation made directly with the financial institution

Limits and rules

  • TFSA: successor holder (spouse) preserves the account; beneficiary collapses to cash
  • RRSP/RRIF: spousal rollover to surviving spouse's plan; non-spouse beneficiary triggers full income inclusion on deceased's final return
  • Life insurance: proceeds tax-free to named beneficiary, bypass probate
  • Quebec: different rules, beneficiary designations on registered accounts don't automatically override wills in all cases

Source

CRA: Beneficiary designations for registered accounts →