Add a beneficiary or successor to your registered account

Overview

You can add, edit, or remove beneficiary designations for any of your registered accounts directly through your Wealthsimple account online. You can also designate a successor or contingent beneficiary on eligible registered account types. Designating beneficiaries 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.

What happens when your successor takes over the account

Under the Income Tax Act (ITA), a successor becomes the legal owner of the account immediately when the original account holder dies. We recognize this change in ownership, but we're not able to update our system to reflect it. This means we can't change the name on the account or move it into the successor's profile, both of which are needed to keep using the account going forward.

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 closed and the funds are paid out directly to the beneficiary. Depending on the situation, this may trigger tax consequences.

Exception for RRSPs: If you name your spouse or common-law partner as the 100% beneficiary of your RRSP, the funds transfer directly to their RRSP or RRIF as a tax-deferred transfer. There are no tax implications, and your spouse will receive a T4RSP, not the estate. They can choose to receive the transfer in-kind or in cash; either option has no impact on taxes or contribution room. For more details, refer to the CRA's guidance on the death of an RRSP annuitant.

Locked-In Retirement Account (LIRA) and Life Income Fund (LIF) accounts: If you name someone other than your pension partner as your primary beneficiary on a LIRA or LIF, see Submit a pension partner waiver for a LIRA or LIF below. That designation isn't valid until a waiver is on file.

Successor vs. primary beneficiary

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

Add a beneficiary, successor, or contingent beneficiary

To add a beneficiary, successor, or contingent beneficiary to your registered account:

1. Log in to your Wealthsimple profile on a laptop or computer
2. From the Home page, select your desired registered account
3. Select the Settings (gear) icon
4. Select Manage beneficiaries
5. Select Add beneficiary
6. Choose the Type of designation: Successor holder, Primary beneficiary, or Contingent beneficiary
7. Enter the beneficiary's legal first and last name and, if required, their Social Insurance Number (SIN)
8. Select Add beneficiary
9. If you're adding more than one beneficiary in the same tier, enter the Allocation for each person, then select Continue
10. Review your beneficiary information and check "I agree to the terms of Designation of Beneficiary"
11. Select Confirm to finish

• A SIN is required for a successor and optional for a primary or contingent beneficiary.
• You can name only one successor per eligible account, and they must be your spouse or common-law partner.
• You can name multiple primary or contingent beneficiaries and assign specific percentages to each. Allocations must be whole numbers that add up to exactly 100% within each tier. Use Split evenly to divide the remainder automatically.
• Once you name a successor, you can't also name a primary beneficiary. Contingent beneficiaries can still be added alongside a successor.
• Where a beneficiary is a minor child, it is your responsibility to ensure that a trustee and/or a guardian of the minor child's property has been validly appointed under applicable provincial law.

Edit a beneficiary, successor, or contingent beneficiary

1. Log in to your Wealthsimple profile on a laptop or computer
2. From the Home page, select the desired registered account
3. Select the Settings (gear) icon
4. Select Manage beneficiaries
5. Select the pencil icon next to the beneficiary you want to update
6. Update the beneficiary's details and select Update
7. Select Continue, review your beneficiary information, check "I agree to the terms of Designation of Beneficiary," then select Confirm

Remove a beneficiary, successor, or contingent beneficiary

1. Log in to your Wealthsimple profile on a laptop or computer
2. From the Home page, select the desired registered account
3. Select the Settings (gear) icon
4. Select Manage beneficiaries
5. Select the trash can icon beside the beneficiary you want to remove
6. Select Continue, review your beneficiary information, check "I agree to the terms of Designation of Beneficiary," then select Confirm

Submit a pension partner waiver for a LIRA or LIF

LIRA and LIF accounts hold locked-in pension funds, so provincial pension law gives your spouse or common-law partner (your pension partner) an automatic right to those funds when you pass away, based on your status on your date of death.

If you name someone other than your pension partner as your primary beneficiary, that designation only takes effect once your pension partner waives their entitlement using the prescribed waiver form. Entitlement can't be waived for federally regulated locked-in funds. For those, your pension partner's right to the funds can't be overridden. If you received your locked-in funds through a past relationship breakdown, this requirement may not apply to you.

To submit a pension partner waiver:

1. Get the waiver form from the pension regulator that governs your account.
2. Have your pension partner complete and sign the form.
3. Upload the completed form to your Wealthsimple profile.
4. If you can't locate or complete the form, contact our support team and we can help verify the correct form for your situation.

View the beneficiary of an account

Follow these steps to view the beneficiary, successor, or contingent beneficiary designations on an account:

1. Log in to your Wealthsimple profile on a laptop or computer
2. From the Home page, select your desired registered account
3. Select the Settings (gear) icon
4. Select Manage beneficiaries

If you recently added or updated a designation, this also appears on your monthly account statement. It'll show up on your next statement if you don't see it on your current one yet.

Frequently asked questions