How often should I review my beneficiary designations in Ontario?

There is no mandatory review interval in Ontario, but best practice is to review all your beneficiary designations at least every three to five years — and immediately after any major life event.

Life events that should trigger an immediate review include: marriage or common-law relationship, separation or divorce, the death of a named beneficiary, the birth or adoption of a child or grandchild, a significant change in your financial situation, opening a new registered account, or starting a new job with a group plan.

Each registered account (RRSP, RRIF, TFSA, group plan) and each insurance policy holds its own designation independently. A change at one institution does not flow through to the others. You need to review and update each account separately.

Keeping a personal record that lists every account, its current designated beneficiary, and the last date you verified it is a simple but effective tool. This also helps your executor understand your estate at death.

Outdated designations are one of the most common and preventable causes of estate disputes and unintended outcomes. A periodic review with an estate lawyer ensures your designations are consistent with your will and your overall estate plan.