In December 2015, an Alberta court decision raised the need for Advisors and their clients to review their existing Beneficiary designation of RRIF accounts as well as RRSPs and life insurance in order to ensure that the Designations on file properly reflected the wishes of the current account holder.

Without getting into too much depth, the case of Morrison v. Morrison (Re Morrison Estate) challenged the RRIF designation favouring one child versus the stated intent in the Will to divide the Estate equally among the four children. The issue was whether the RRIF...

Many mistakenly believe that if they need Long Term Care, either in their home or in a facility, the cost will be covered by provincial health care or other government agencies. While certain programs are available, a large portion of these costs become the responsibility of the patient or their family.

Ted and Martha had been retired for about ten years when Martha became cognitively impaired. Ted was able to look after her for a little over a year, but then Martha had to be moved to an extended care facility. The monthly cost of $2,500 meant Ted had to draw $46,000 more per year, before taxes, from his RRIF. Less than five years later, Ted’s RRIF ran dry.