Did you know that you cannot pass on your registered retirement savings tax-free to your heirs? Once the second spouse dies, all monies in an RRSP or RRIF are taxable as income in your final tax return, unless there are dependent children. Considerable tax may be due, depending on your marginal tax rate and final calculations in your estate.
Consider talking to your advisor about buying a joint last-to-die life insurance policy timed to pay after you and your spouse die. Guaranteed Term to age 100 serves this purpose very well. It generally pays the full amount if one lives to age 100. Some whole life plans also can facilitate this manoeuvre.
It can equate to a small percentage of your RRSP holdings per year to make up for the taxes due on what has become for some, a small fortune.