Administration - Important to Know

Learn important information related to Administration requests to get the most out of the feature

Some account types allow for contingent beneficiaries to be designated and paid out in cases where the named beneficiary(ies) predecease the account holder. This may allow for a bypass of probate and a simpler estate process.
It is recommended for registered accounts to have beneficiaries set up to reduce the likelihood of probate and simplify the estate process. In many cases, spouses who are beneficiaries can move the assets to their equivalent registered accounts without changing their contribution room and on a tax-advantaged basis.

TFSA accounts: If a spouse is elected as a Beneficiary of the TFSA, they are able to roll over the amount into their own TFSA without affecting their contribution room. The same applies to a spouse designated as a Successor Holder. The difference lies in the tax treatment of the growth in the deceased owner's account after the date of their death. Where the spouse is a Beneficiary, the gains are taxable to the spouse. In the case of the spouse being a Successor Holder, then the gains between the date of death and the payout date are not taxable to either party.
RIF accounts: If a spouse is elected as a Beneficiary of the RIF, they have the option to roll over the amount into their own RIF account. When the spouse is designated as a Successor Annuitant (Successor Holder), the deceased RIF effectively continues as is with the surviving spouse as the holder. This means that the spouse will receive the minimum payments based on the age of the deceased. In order to transfer to the spouse's existing RIF account, it must have been set up to use their spouse's age for payments.

For Locked-In accounts, a beneficiary can be designated or no beneficiary can be designated (the Estate). However, in many provincial jurisdictions, the spouse of the Plan holder is considered to be entitled to the Plan and should the designated beneficiary not be the spouse, then forms relinquishing their entitlement to the assets are required for the beneficiary designation to be official.

Banking authorizations can be submitted and actioned across all accounts under a specific root. Please ensure that the forms submitted with the request match the accounts selected for the Banking update request.

Document Delivery is updated across the root of an account. To update client contact information such as the email account or mailing address associated with their account(s), a 'KYC Update' Request must be completed for that client.

This list gives you an idea of how long each ticket will take.