Published | Categories : Income tax - individuals, Better tax practices – individuals

Property Held in an RRSP, a RRIF, a PRPP or a VRSP at the Time of Death

As a rule, the fair market value (FMV) of the property held by a person in a registered retirement savings plan (RRSP), a registered retirement income fund (RRIF), a pooled registered pension plan (PRPP) or a voluntary retirement savings plan (VRSP) at the time of that person's death must be included in the deceased person's principal return.

However, do not include the FMV of the property in that return if amounts are paid to the surviving spouse or to a beneficiary who was a financially dependent child or grandchild of the deceased and certain rules apply.

For more information, refer to the Guide to Filing the Income Tax Return of a Deceased Person (IN-117-V).

The principal return is the income tax return that includes all income earned by the person up to the date of the person's death.

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