Just talk about the difference between a successor, annuitant, and a beneficiary in the context of that savings plan, which is a RIF.

Yep.

And when we talk about RIFs, I think we can use RIFs and LIFs interchangeably because the mechanics work the same.

With a RIF, if you're named your spouse's successor, the moment that person's passed away, you're now the owner of their RIF account.

As I mentioned before, any payments that have yet to be made out of that account before the end of the year are now taxed to the survivor.

The beneficiary option is would require a couple things first of all the account of the person who's died that goes away it cannot continue along the surviving spouse as a beneficiary would then be able to move that into their own rsp or riff on a tax-free rollover basis it's again it's not an automatic you have to actually make sure that happens and it happens on time this happens all the time and you Usually it goes smoothly enough.

And as a beneficiary, the surviving spouse does not end up with a big tax bill because they do this rollover.

There's sort of a new account that just spend a few minutes with regard to this for those that are looking at their first home.

Do you want to let us get into what is the successor holder or annuitant?

Sure.

First of all, the types of accounts where this is an option are fairly limited.

So you're looking at a tax-free savings account, that's a successor holder annuitant.

A RRIF, so the successor account to an RRSP.

A RRIF, you can name a successor annuitant, a life income fund, which is like a pension equivalent of a RRIF.

You can on that, but you can't name a successor on an RRSP.

But I think we want to alert it as a point to consider if that's applicable to you.