any reporting requirement for beneficiary of RRSP/RRIF

rafa02 · Post by **rafa02** » Fri Nov 25, 2016 4:14 pm

I realize I have to report the value of my RRSP/RRIF, but does my designated beneficiary (USC) also have a reporting interest (assuming it has not been distributed due to my death).

nelsona · Post by **nelsona** » Sat Nov 26, 2016 5:54 pm

How do you come to the conclusion you "have to report the value of my RRSP/RRIF "?
What form(s) are you thinking about?

rafa02 · Post by **rafa02** » Sat Nov 26, 2016 8:32 pm

Sorry for not being more specific. I was organizing my documents, getting ready for next year's tax return and was thinking about the forms 8938 and FBar, and it occurred to me that perhaps the beneficiary I have designated for my RRIF might have a financial and thus reporting interest in the RRIF, for their own 8938 and FBAR.

I have since located the instructions for the 2016 8938 form and there is a small section dealing with "Current beneficiary" of a trust and if I understand correctly:

"A holder of a general power of appointment that is exercisable only on the death of the holder is not a current beneficiary."

nelsona · Post by **nelsona** » Sun Nov 27, 2016 11:23 am

so there is your answer.
also, for fbar, signing authority would be needed, which is unlikely for an rrsp beneficiary