Page 111 - A Canuck's Guide to Financial Literacy 2020
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▪ Transfer the funds into a Life Income Fund (LIF)
Death of Plan Holder
Upon the death of the account holder, the pension will continue to be paid out to the
spouse. If there is no surviving spouse, the IPP will be liquidated and distributed to the
estate, subject to tax. If the plan holder dies while the IPP funds were transferred in a LIF or
a RLIF, the spouse may roll over the funds into their own registered plan. If there is no
spouse, the funds may be unlocked depending on provincial or federal legislation.
