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Update beneficiary
or successor designations
Keep your registered plan designations up to date to ensure your savings are transferred according to your wishes.
- Home
- Account updates
- Add or change beneficiary
It’s important to keep your beneficiary and successor designations up to date for your registered investment plans (RRSP, RRIF, TFSA).
Updating these designations ensures your savings and investments will be transferred smoothly and managed according to your wishes, and may help reduce probate delays and potential taxes for your loved ones.
- Your beneficiary information will not update automatically if your marital status or family situation changes.
- RRSPs, RRIFs, TFSAs, and newer plans such as the FHSA (First Home Savings Account) each have specific rules about beneficiaries, successor annuitants and successor holders.
- The correct form must be used depending on your account type and designation choice.
Plan‑specific designation instructions
Registered Retirement Savings Plan (RRSP)
For an RRSP, you may only assign a beneficiary.
- Complete the most recent Designation of Beneficiary Form and submit it to Outlook Financial.
Tax-Free Savings Account (TFSA)
With a TFSA, you may assign either a beneficiary or a successor holder with optional beneficiary. Choose one option only:
- Assigning only a beneficiary (no successor holder): complete the Designation of Beneficiary Form.
- Assigning a successor holder (with optional beneficiary): complete the TFSA Successor Holder and Optional Designation of Beneficiary Form.
Registered Retirement Income Fund (RRIF)
With a RRIF, you may assign either a beneficiary or a successor annuitant with optional beneficiary. Choose one option only:
- Assigning only a beneficiary (no successor annuitant): complete the Designation of Beneficiary Form.
- Assigning a successor annuitant (with optional beneficiary): complete the RRIF Successor Annuitant and Optional Designation of Beneficiary Form.
If you convert an RRSP to a RRIF, it becomes a new plan. A new beneficiary designation is required, even if you are naming the same person.
First Home Savings Account
A holder may appoint their spouse or common-law partner (CLP) as the successor of an FHSA. Use the Appointment of Successor Holder Form for FHSAs
- To appoint a Successor Holder, complete the FHSA Successor Appointment Form and submit it to Outlook Financial.
Currently, the only designation option available for a First Home Savings Account (FHSA) is the Appointment of a Successor Holder. Provincial legislation has not yet implemented the ability to designate a beneficiary for an FHSA.
Forms for designating a beneficiary or successor
Complete the Designation of Beneficiary Form (RRSP, RRIF, TFSA)
Beneficiary Designation Form opens in a new tabComplete the TFSA Successor Holder and Optional Beneficiary Form
TFSA Successor Holder Form opens in a new tabComplete the RRIF Successor Annuitant and Optional Beneficiary Form
RRIF Successor Annuitant Form opens in a new tabComplete the FHSA Successor Holder Form
FHSA Successor Holder Form opens in a new tabIf you are updating your designation of beneficiaries or successors for multiple registered products, you will need to submit a separate Designation form for each one.
Your Designation of Beneficiary, Successor Annuitant/Holder or FHSA Successor Appointment will be updated within 2 business days of receipt.
Frequently asked questions
What is a beneficiary?
A beneficiary is the person you designate to receive the funds in your RRSP, RRIF or TFSA upon your passing. This ensures your money is paid directly to the intended individual, bypassing your will.
Can I name a beneficiary for my FHSA?
No. Currently, Provincial legislation only allows the appointment of a successor holder for an FHSA.
What is a successor annuitant (RRIF)?
Successor annuitant is the person you appoint to continue your RRIF when you pass away. They legally assume ownership of the plan and its assets, allowing the RRIF to continue under their name. The Appointment is used for spouses or common-law partners only.
What is a successor holder (TFSA/FHSA)?
Successor holder is the person you appoint to take over your TFSA or FHSA when you pass away. This option helps maintain the tax-free status (if applicable) and allows the account to continue growing without triggering immediate taxes. When the account is transferred to the successor holder, it does not affect their own TFSA or FHSA contribution room.
Who can be appointed as a successor holder for my FHSA?
Only your spouse or common-law partner (CLP) may be appointed.
Can I name both a beneficiary and a successor annuitant/holder?
Yes. For RRIFs and TFSAs, you may appoint a successor annuitant/holder and optionally name a beneficiary. Be sure to use only one correct form per account to avoid conflicts.
Do I need to update my designations if my family situation changes?
Yes. Major life changes—such as marriage, divorce, or having children—do not automatically update your designations. Always review and update your forms as needed.
Can I rely on my RRSP, RRIF, or TFSA beneficiary designation in my will?
No. Your designated beneficiary or successor on file with Outlook Financial takes legal precedence over your will.