What is beneficiary?
Definition
Educational information only. Last reviewed August 25, 2026.
How it works in Canada
For insurance and most registered plans, a valid beneficiary designation overrides the will and generally allows proceeds to pass outside the estate, avoiding probate. Designations should be reviewed after marriage, separation, divorce or a beneficiary's death.
Example
Naming an estate as beneficiary rather than an individual can expose proceeds to probate fees and creditor claims.
Learn more
Written and reviewed by CanadaGFI.ca Editorial Team
Licensed insurance and financial professionals contributing to CanadaGFI.ca
Published and last reviewed August 25, 2026. Read our editorial policy and disclosures.
This page is educational information about Canadian financial concepts. It is not personalized financial, tax, insurance or legal advice, and it does not consider your individual circumstances. Product availability, eligibility, pricing and tax treatment depend on the provider, your situation and current Canadian rules. Speak with a professional licensed in your province before acting.
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