Common FAQs for Beneficiary Requests
How do I change the allocation of beneficiaries on a RESP account?
You will need to submit a request for designating and changing beneficiaries for RESP Accounts. Learn how to submit a request for Designating and Changing Beneficiaries for RESP Accounts here.
How do I cancel a beneficiary request?
To cancel a request on the CRM, you can follow these steps:
- Navigate to the ticket where you submitted the request.
- Look for the action button on the ticket.
- Click on the action button and then click on cancel.
- Follow any additional prompts or confirmation steps, if required.
- Once the cancellation process is complete, ensure to verify that the banking request has been successfully cancelled.
By following these steps, you can easily cancel a banking request on the CRM system, providing you with control and flexibility in managing banking activities for your clients effectively.
Do minors assigned as a registered account's beneficiary need to have trustees assigned? Would we issue a significant cheque to a minor without a trustee if the holder dies?
Funds allocated to a child must be received by a trustee on the child's behalf and either invested for the child's benefit until they reach the age of majority or used to purchase an annuity, if desired.
If no trustee is named and no guardian is appointed by the court, the funds will be deposited with the court to be managed by a provincial government agency (in Ontario, this is the Accountant of the Superior Court of Justice). In some provinces, a small amount may be paid directly to the minor without a court application. For example, Ontario allows a direct transfer of up to $10,000. (Other provinces may have different rules.)
Can I designate a contingent beneficiary in my client's TFSA?
Yes, please submit a beneficiary update request, and fill the relevant section on the provided form.
Can I transfer funds from an ITF account?
Transfers or contributions to other accounts from an ITF (In Trust For) account are not allowed until the beneficiary reaches the age of majority. Once the beneficiary is of age, a signed Letter of Direction (LOD) must be provided to authorize any transfers or changes.