RRSP Clause (Contribute after Death for Benefit of Spouse) (ON)

Summary

This clause is an RRSP clause that forms part of a will authorizing the spouse to contribute to a Registered Retirement Savings Plan ("RRSP") after the testator’s death. This clause includes practical guidance and drafting notes. Registered funds, such as Registered Retirement Savings Plans ("RRSP") and Registered Retirement Income Funds ("RRIF"), are capable of being designated to a beneficiary, either through a will designation or on the face of the plan, or through an independent document (Succession Law Reform Act, R.S.O. 1990, c. S.26 ("SLRA"), s. 51(1) and (2)). A designation of a beneficiary of registered funds in a will overrides previous designations on the face of the plans in existence at the date when the will was executed. Plans opened after the will is executed are not affected by a designation in a will. It is for this reason that financial institutions require a copy of the will, or in some cases, a Certificate of Appointment of Estate Trustee with a Will (see form: ...