--- title: Empire Life Blog Empire Life Blog | Peter Wouters (7) description: "
Directeur, Planification fiscale et successorale et planification de la retraite, Gestion de patrimoine
Placements Empire Vie
(7)" --- × #### Subscribe ### Subscribe to Email Updates Signing up for our Blog offers you the opportunity to subscribe and receive email notifications for Investment or Insurance type content only from The Empire Life Insurance Company and Empire Life Investments Inc. You may cancel your subscription to the newsletter at any time by clicking on [unsubscribe](http://www.fastandfull.ca/hs/manage-preferences/unsubscribe-simple) or, by contacting The Empire Life Insurance Company or, Empire Life Investments Inc. **The Empire Life Insurance Company** 259 King Street East, Kingston, Ontario K7L 3A8, Canada Toll Free: 1 800 561-1268 Email: insurance@empire.ca or investment@empire.ca **Empire Life Investments Inc.** c/o 259 King Street East, Kingston, Ontario K7L 3A8, Canada Toll-free telephone: 1 855 823-6883 Email: mutualfund@empire.ca Close [Facebook](https://www.facebook.com/Empire-Life-Insurance-142465432433812/) [Linkedin](https://www.linkedin.com/company/empire-life-investments) [Twitter](https://twitter.com/empirelifeins) Subscribe [EN](https://www.empire.ca/blog) | [FR](https://empire.ca/fr/blogue) [![Empire Life | Empire Life Investments](https://blog.empirelife.ca/hubfs/Logo/Combined%20Blog%20Images/combined-logo.png)](https://www.empire.ca/blog) # Insurance, Investments and Group Benefits ## Navigate life with confidenceTM - Insurance - [Insurance](https://www.empire.ca/blog/topic/insurance) - [Helpful Tips](https://www.empire.ca/blog/topic/helpful-tips) - [Customer Service](https://www.empire.ca/blog/topic/customer-service) - Investments - [Investments](https://www.empire.ca/blog/topic/investments) - [Investment Views](https://www.empire.ca/blog/topic/investment-views) - [Off the Cuff](https://www.empire.ca/blog/topic/off-the-cuff) - [Group Benefits(1)](https://www.empire.ca/blog/topic/group-benefits) - [Personal Finance (1)](https://www.empire.ca/blog/topic/personal-finance) ## Peter Wouters Directeur, Planification fiscale et successorale et planification de la retraite, Gestion de patrimoine Placements Empire Vie ### Recent Posts ## [Registered Retirement Plans with named beneficiaries: Lessons and Considerations](https://blog.empirelife.ca/blog/registered-retirement-plans-with-named-beneficiaries-lessons-and-considerations) [Investments](https://www.empire.ca/blog/topic/investments), [Personal Finance](https://www.empire.ca/blog/topic/personal-finance) By [Peter Wouters](https://www.empire.ca/blog/author/peter-wouters) Jun 13, 2016, 9:59:06 AM In my last post, I shared the issue of naming an adult, independent child as a beneficiary of a registered retirement plan, (either a Registered Retirement Savings Plan or a Registered Retirement Income Fund (income version). (see [Registered Retirement Plans with Named Beneficiaries: Unintended Consequences](https://www.linkedin.com/pulse/registered-retirement-savings-plans-named-unintended-peter-wouters?trk=prof-post) ) You may wish to avoid paying probate and estate costs on your plan. You may want to make the transfer as seamless and efficiently as possible. You may want to leave someone something extra. One issue is that the person receiving the money usually pays no tax. The estate usually pays the tax. The Canada Revenue Agency first looks to the estate to pay any income taxes owing. Only when there are insufficient monies in the estate, does the Canada Revenue Agency assess the beneficiary of the registered retirement plan for any balance owing. That means the beneficiaries in the will shoulder the tax bill. Is that the intention? [Read More](https://blog.empirelife.ca/blog/registered-retirement-plans-with-named-beneficiaries-lessons-and-considerations) ## [Registered Retirement Plans with named beneficiaries: Unintended Consequences](https://blog.empirelife.ca/blog/registered-retirement-plans-with-named-beneficiaries-unintended-consequences) [Investments](https://www.empire.ca/blog/topic/investments), [Personal Finance](https://www.empire.ca/blog/topic/personal-finance) By [Peter Wouters](https://www.empire.ca/blog/author/peter-wouters) Jun 6, 2016, 11:10:18 AM Let’s say you’re single, divorced or widowed. You have saved up some money for retirement. Perhaps you are already retired and are taking out an income from your registered plan. You may not get to spend all of your savings during your lifetime. Where does the balance go? [Read More](https://blog.empirelife.ca/blog/registered-retirement-plans-with-named-beneficiaries-unintended-consequences) ![Get a quote and apply for life insurance](https://blog.empirelife.ca/hubfs/Logo/Combined%20Blog%20Images/GetAQuote-BlogButton-couple-EN.jpg) [BUY NOW](https://www.empire.ca/insurance/buy-life-insurance) ![Retirement Savings Tool](https://blog.empirelife.ca/hubfs/Blog_images/RST-Blog-EN.jpg) [Get Started](https://www.empire.ca/retirement-and-savings-tool) ### POPULAR POSTS ### CATEGORIES - [Insurance](https://www.empire.ca/blog/topic/insurance) - [Investments](https://www.empire.ca/blog/topic/investments) - [Group Benefits](https://www.empire.ca/blog/topic/group-benefits) - [Personal Finance](https://www.empire.ca/blog/topic/personal-finance) [Disclaimer](https://info.fastandfull.ca/disclaimer) [Legal](https://info.fastandfull.ca/legal) [Privacy Policy](https://info.fastandfull.ca/privacy-policy) [Accessibility](https://info.fastandfull.ca/accessibility) [Consumer Information](https://info.fastandfull.ca/consumer-information) [Contact Us](https://info.fastandfull.ca/contact) [Third-Party Tools and Sites](https://info.fastandfull.ca/third-party) [Confidentiality](https://info.fastandfull.ca/confidentiality) [Unsubscribe](https://info.fastandfull.ca/hs/manage-preferences/unsubscribe-simple) **CONTACT US** The Empire Life Insurance Company 259 King St. E. 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