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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 69 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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