How do I name a beneficiary to my CI Direct Investing accounts?

You can assign beneficiaries to your account fully online.

1. Login to your CI Direct Investing account through a web browser (on desktop or mobile), and click on your name at the top right corner. Click on Beneficiaries under My Profile. 
2. Click Complete to designate a beneficiary on accounts that don’t have one.
3. In the pop up window, check that your details are up to date. If you need to update the information, click on Make Changes. 
4. Add the details for your beneficiary(ies). You’ll need to know their address, if different from your own.
5. The final window will display a beneficiary designation form. Make sure the details reflect the information you provided before clicking to apply your e-signature.

What accounts are eligible for beneficiary designations?

The following accounts are eligible:

• RRSP, Spousal RRSP
• TFSA
• RRIF, Spousal RRIF
• LIRA
• LIF

Other account types should be considered through your estate planning and will. 

Why should I name a beneficiary to my account?

Naming a beneficiary to your account is critical because if you were to pass away without naming a beneficiary, all of your assets would become part of your estate and would be subject to applicable estate taxes. Find out more about the importance of naming a beneficiary here.

Definitions

What is a successor?

If you have a TFSA or RRIF, you can name your spouse or common-law partner as your successor. When you pass, a successor can take control of the account directly as the annuitant, allowing the money to remain within the registered plan.

What is a beneficiary?

A beneficiary can be anyone you choose to name (including your own estate) to receive the proceeds of the account upon your passing. Money is paid out of the registered plan. In the case of retirement accounts, withholding taxes may apply.

What is a contingent beneficiary?

In the case where a beneficiary or successor is not living at the time of your passing, the proceeds will be divided equally to the Contingent Beneficiaries listed when you designate beneficiaries through your CI Direct Investing account.

If you do not want the proceeds to be divided equally among your contingent beneficiaries, and instead wish to assign specific percentages of the proceeds to various recipients, then you’ll need to fill out a Beneficiary and Contingent Beneficiary Designation form and mail it to CI Investment Services:

199 Bay Street, Suite 2600
Toronto, ON
M5L 1E2
Canada

Do I need to provide the SIN of my successors and designated beneficiaries?

This is not required, but is recommended as it does help with identifying the beneficiary after you have passed.

I’ve made a typo. What should I do?

No worries! Simply go back to the Beneficiaries feature under My Profile. You can click Change to imitate a new form, and we’ll keep the most recent copy on record.

How can I get a copy of my beneficiary form once I’ve completed the details?

You’ll be able to view and download a copy of your Beneficiary form in the Documents section under the Other tab. Look for the form called Beneficiary Designation.

Do I need to include this in my will?

Beneficiary forms will take priority over the instructions in your Last Will and Testament. However, you should ensure that your will has the same instructions to avoid that aspect of your estate goals being contested.

Does the beneficiary form need to be notarized?

No.

Do I need a witness for this document?

No.

I live in Quebec, can I complete this form?

If you live in Quebec, you are not eligible to complete the Beneficiary form. Consult provincial rules for estates.

I live in another country, what happens to my assets?

That depends on a number of factors, such as your tax residency and estate laws in the country where you pass away. We recommend that you still have a Canadian Last Will and Testament. We also recommend speaking with an Estate Planner in your country of Residence.