Overview

You can add a beneficiary to any of your registered accounts. You can also add a successor or contingent beneficiary to specific registered account types. Designating funds for non-registered accounts, including chequing accounts, can only be done through a will.

If you're a resident of Quebec

The provincial government of Quebec doesn't allow the designation of beneficiaries through financial institutions. Instead, if you are a resident of Quebec, your beneficiaries must be assigned through a will.

When to designate a successor vs. a primary beneficiary

It's common to be unsure whether to list someone as a primary beneficiary or a successor when setting up a registered account. Here's how to decide which is right for you:

Successor (TFSA, FHSA, RRIF, and Spousal RRIF only)

Choose a successor if:

• You're naming your spouse or common-law partner
• You want them to take over the account if you pass away automatically
• You want to keep the account intact without triggering taxes or requiring withdrawals

Why it matters: A successor becomes the new account owner. This avoids delays, simplifies estate matters (bypassing probate), and helps preserve tax benefits. This is especially valuable for TFSA, FHSA, and RRIF accounts.

Primary beneficiary

Choose a primary beneficiary if:

• You want to leave the account's proceeds to someone who isn't your spouse (such as a child, sibling, or friend) or to a registered charity
• You're naming multiple people to receive specific percentage shares
• The account type does not support successor designation (for example, RRSP, LIRA, LIF)

Why it matters: A primary beneficiary receives the funds in the account (not the account itself). This bypasses the estate (and avoids probate fees), but the account is terminated and the funds are paid out to the beneficiary, potentially triggering tax consequences.

Successor vs. primary beneficiary

Add or remove a successor or contingent beneficiary (all provinces/territories except Quebec) 

Add a successor or contingent beneficiary

To add a successor, you must fill out our online form.

To add contingent beneficiaries, you must

• add your primary beneficiaries by following these steps, then
• fill out our online form.

The form doesn’t require a physical signature, and you can designate a successor and/or contingent beneficiaries to certain account types.

Remove a successor or contingent beneficiary

You can fill out our online form to remove a previously designated successor or contingent beneficiary. 

Add or remove a beneficiary (all provinces/territories except Quebec)

Add a beneficiary

You can add a primary beneficiary directly through your Wealthsimple account on the website.  

To add a primary beneficiary to your registered account:

1. Log in to your Wealthsimple profile
2. From the Home page, select your desired registered account
3. Select the gear icon in the top right corner
4. Choose Manage beneficiaries from the menu
5. Select Add beneficiary or Add another beneficiary if you're adding multiple beneficiaries to the account
6. Fill out the beneficiary information
7. Select Add beneficiary to complete the form
8. Enter the Allocation for the beneficiary, then select Continue
9. Review your beneficiary information and check I agree to the terms of Designation of Beneficiary
10. Select Confirm to add the beneficiary 

Remove a beneficiary

You can remove a primary beneficiary directly through your Wealthsimple account on the website.

To remove a primary beneficiary from your registered account:

1. Log in to your Wealthsimple profile
2. From the Home page, select the desired registered account
3. Select the gear icon in the top right corner
4. Choose Managed beneficiaries from the menu
5. Select the trash can beside the beneficiary you want to remove from the account 

View the beneficiary of an account

Follow these steps to view the beneficiary (or beneficiaries) of an account:

1. Log in to your Wealthsimple profile
2. From the Home page, select your desired registered account
3. Select the gear icon in the top right corner
4. Choose Manage beneficiaries from the menu