Can I designate contingent beneficiaries?

Most financial institutions enable RRSP account holders to designate contingent beneficiaries. Appointing a contingent beneficiary is the same as establishing a secondary beneficiary in the event that your primary beneficiary does not survive you. For example, you might appoint your surviving spouse as the beneficiary of your RRSP assets, but if your spouse dies first then you appoint your four children as the contingent beneficiaries. With this arrangement, if your spouse is alive at the time of your death, your spouse is the beneficiary for your RRSP account. But if your spouse dies before you, then your four children become the beneficiaries of your RRSP account. Your four children are beneficiaries contingent upon your spouse predeceasing you (i.e. they are considered to be the contingent beneficiaries of your RRSP).

Note: Check with your financial institution to see if you are able to appoint contingent beneficiaries.

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