Planning Ahead: What to Know About RRSPs and RRIFs at End of Life

Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs) can be valuable tools for building retirement income—but they can also create significant tax implications at death if not thoughtfully planned. In Canada, when someone dies, the full value of their RRSP or RRIF is generally treated as income on their final tax return. This means the entire amount…