All Canadian provinces and territories allow direct beneficiary designations on personally owned insurance products, such as segregated funds, annuities and permanent or temporary life insurance contracts (collectively referred to as “Policies”). Only Canadian common law provinces (all provinces except Quebec) allow direct beneficiary designations on investment assets, such as those held in tax-free savings accounts, registered retirement savings plans, registered retirement income funds and pooled registered pension plans (collectively referred to as “Plans”).
Beneficiary designations
Factoring in beneficiary designations as part of your overall estate planning.