The applicant, Nazha Boulos as estate trustee, sought a declaration that her late husband's estate was the beneficiary of three Registered Retirement Income Fund (RRIF) accounts held by Duca Financial Services Credit Union for the late Yura Nicola Khagek.
Mr. Khagek had previously designated Mr. Boulos as the beneficiary of his Registered Retirement Savings Plan (RRSP) accounts, which were later automatically converted to RRIFs by Duca Financial without a new beneficiary designation.
The court, applying principles from the Succession Law Reform Act and relevant case law, found that the original RRSP beneficiary designation traced to the converted RRIF accounts, reflecting Mr. Khagek's clear intention to gift the funds to Mr. Boulos.
The application was granted, declaring Mr. Boulos's estate as the beneficiary of the RRIF accounts.
