We are very sorry for your loss and understand that preparing a final tax return for a family member who has passed away can be difficult. We will do our best to guide you through the process.
If you have received a T4RIF with an amount in box 18: Yes, you will be required to enter it on the deceased return.
For more information please check: T4RIF Statement of income from a Registered Retirement Income Fund – slip information for individual...
As per CRA: The deceased annuitant of an RRIF is considered to have received, just before death, an amount equal to the fair market value (FMV) of the RRIF property at the time of death. In certain situations, you may not have to issue a T4RIF slip in the deceased name. Before you enter an amount in box 18, see the Beneficiary of the RRIF property.
Instead of choosing to have the RRIF payments continue to their surviving spouse or common-law partner after death, the RRIF annuitant can name an individual in the RRIF contract as the beneficiary of any part of the RRIF property.
Generally, the deceased annuitant is considered to have received, just before death, an amount equal to the fair market value (FMV) of all property of the RRIF at the time of death. This amount has to be included in the deceased annuitant's income. However, this amount may be reduced if it is paid to a qualifying survivor as a designated benefit. It can also be reduced if it is paid to the deceased annuitant's estate, and the deceased annuitant's legal representative and a qualifying survivor elect to treat some or all of it as being paid to the qualifying survivor. Only the spouse or common-law partner or a financially dependent child or grandchild can be a qualifying survivor.
If you need any further clarifications, we would be glad to assist you by having you contact us by phone or via Facebook or Twitter.
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