Estate TOD?

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

Moderator: Mark T Serbinski CA CPA

Post Reply
mk8100
Posts: 1
Joined: Thu May 06, 2021 1:40 pm

Estate TOD?

Post by mk8100 »

Hi and thanks in advance for any suggestions.

My uncle, an American citizen, worked at McGill University for a few years in the 70s. He passed away last year and we, my sister is executor, are trying to figure out how to retrieve any Canadian retirement savings on behalf of the estate. After initially stating they had no record of his employment and subsequently digging through their archives, McGill confirmed a retirement savings account was converted to an RRSP relatively soon after his employment ended. I've dug through RC4177 Death of an RRSP Annuitant section on the CRA website but haven't found anything in regard to a TOD for a non-citizen. For the institutions I've dealt with so far in the states it's typically been as simple as providing letters testamentary, death certificate, and a letter of instruction for distribution of funds. Is there anything like this for an RRSP or is it not that simple? Thanks again.
nelsona
Posts: 18314
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Estate TOD?

Post by nelsona »

RRSPs and such cannot be transferred to anyone other than a spouse on death. It will simply be cashed out (with 25% tax withheld) and the proceeds will become part of the estate. There is no TOD concept in canada, other than RRSP and principal residence, and only to a spouse. Everything else is deemed sold on death.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
Post Reply