Assigning a beneficiary is an important part of your estate planning. If you haven’t yet assigned a beneficiary for your accounts, keep reading to learn more.

Assigning a beneficiary is easy and covers all deposits under that specific registered contract. There is no need to submit a new designation form when a you make a subsequent deposit; however, you do need a separate designation form for each registered contract (RRSP, RRIF, TFSA), including spousal contracts. Plus, when you designate a beneficiary for a registered contract, those funds do not usually form part of the estate.

What form do you need to fill out?

Depending on the type of contract / beneficiary you are assigning a beneficiary for, there are different forms to complete. We know it can be a bit confusing to know which form to use, so we hope this breakdown helps:

TFSA contract

• Assigning your spouse – Appointment of Successor Holder (TFSA) form
• Not assigning your spouse – Designation of Beneficiary form

RRIF contract

• Assigning your spouse – Appointment of Successor Holder (RRIF) form
• Not assigning your spouse – Designation of Beneficiary form

RRSP contract

• Any beneficiary – Designation of Beneficiary form

How to assign a beneficiary

You can assign a beneficiary in three easy steps.

1. Download and print the form(s) you need. Remember, you need one form per contract.
2. Fill in all the information and sign the document. You don’t need a witness, but we do require the document with your original signature
3. Mail in your signed document(s) to Hubert Financial, 233 Main Street, Selkirk, MB, R1A 1S1. Once we receive your document, we will update your records.

Updating a beneficiary

If you ever need to update a beneficiary on your contract, simply mail in a new form to us. We will replace what’s on file for the account with your new form.

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