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Summary of Changes to Declaration of Trust (DOT) and previous
versions of RSP and RIF DOTs
General Updates
- Updated definitions within the Declaration of Trust (DOT) to
incorporate changes to the Income Tax Act (Both RSP and RIF)
- Removal of specific time frame to notify annuitant of the plan
of changes to the Declaration of Trust (i.e. 60 or 90 days notice)
(Provision 31 on RSP and Provision 32 on RIF)
- Removal of all references to foreign content restrictions and
remitting of related tax penalties (Both RSP and RIF)
- Clarification of compensation and expenses (outlines fees between
the Agent and the trustee in connection with the Plan) (Provision 27 on
RSP, Provision 28 on RIF)
- Beneficiary designations amended to advise the annuitant that it
is their responsibility to ensure that the designation is valid under
the laws of Canada and its provinces and territories (Provision 18)
- For RSP Plans, clarification surrounding spousal contributions and
spousal plans (Provision 5 on RSP)
- To require probate to settle an account on death of the annuitant -
specified in Provision 1 under Estate Documents which references
Provision 19 on RSP and Provision 19 and 20 on RIF; Death of Annuitant
New Provisions
- To allow for the release information to both the beneficiary and
estate representative if the situation warrants (Provision 20 on RSP
and Provision 21 on RIF)
- To provide for the option to pay into court should there be a dispute
about the funds in the plan on the annuitant's death (Provision 21 on RSP
and Provision 22 on RIF)
- To allow the trustee to deduct court fees from the plan for third
party demand situations (Provision 27 on RSP and Provision and 28 on
RIF)
- To sell property to cover any debit balances in a plan (Provision 14
on RSP and Provision 12 on RIF)
- For RSP plans, the ability to rollover plans when the annuitant
turns age 71 and fails to instruct the Agent in writing (Provision 17)
- For RSP plans, inclusion of Group RSP Terms and Conditions
(Provisions 40 to 45)
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