Can I change the beneficiary on my RRSP in Ontario?

Yes, you can change the beneficiary on your RRSP at any time while you are alive and mentally competent. The process is straightforward: contact your financial institution and complete their beneficiary change form. The change takes effect when the form is accepted and recorded by the institution.

In Ontario, RRSP beneficiary designations can also be made in your will if the will specifically names the RRSP and makes an express designation. However, making designations directly through your financial institution is generally more reliable and easier to update.

There is no limit on how many times you can change a beneficiary. The most recently dated valid designation governs on your death. This is important after major life events — divorce, marriage, the birth of children or grandchildren, or the death of a named beneficiary — all of which should prompt a review.

One caution: if you go through a separation or divorce in Ontario, a former spouse may still be entitled to receive your RRSP proceeds if you do not update the designation, because a divorce decree does not automatically revoke a beneficiary designation on a registered account (unlike what happens with a will under Ontario's Succession Law Reform Act).