You can name anyone you want to inherit the money from your Registered Retirement Income Fund (RRIF). This person is your beneficiary. It can be any family member, including your spouse, or you can name an organization, such as your favourite charity.
What happens to the money after your death - and the taxes on it - will depend on who you choose to receive it. If you don't plan carefully, a lot of your RRIF savings could go to taxes.
Learn more now: Choosing a beneficiary for your RRIF
Content in this section is provided in partnership with the Investor Education Fund, a non-profit organization promoting financial literacy to Canadians. To find out more go to GetSmarterAboutMoney.ca.