Q&A: RRIFs After Death
A reader wants to find a way to avoid paying full taxes on the plan’s value
Q – My question has to do with RRIFs and the death of an annuitant. I have power of attorney over the RRIF. Are there any tax planning opportunities available in this situation or does the full market value of the plan on the date of death fall into ordinary income for that year? – J.F.
A – If there is no surviving spouse, the assets are deemed to have been taken into income in the year of death and taxed accordingly. At this stage, there are no tax planning opportunities available that I am aware of. – G.P.
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