Successor Holder
Beneficiary
Surviving spouse or common-law partner can maintain as separate TFSA or consolidate TFSA account.
Funds can be transferred to a spouse or common-law partner’s TFSA.
For all other beneficiaries (non-spousal) the account is no longer a TFSA after death. However, funds received up until the date of death are tax-free. Funds can be used to contributed to the beneficiary’s TFSA to the extent that there is TFSA contribution room.
Keep in mind naming of a successor annuitant or beneficiary is really part of a well thought out estate plan. If you don’t have one as part of your financial plan I would suggest sitting down with a Certified Financial Planner and developing one. My hope is that this gives you some ‘food’ for thought and some question to take to your advisor when working on your own plan.
Always speak to a qualified professional about your specific situation to ensure the plan you have is right for you.
Jason A. DeJean,
CFP, PFP, EPC, CPCA
Investment Advisor I Financial Planner
101-5230 South Service Road, Burlington Ontario L7L 5K2
Office 905.333.4755 ext. 204
Ontario residence if you’re interested in being on the list for private placements, please email me at [email protected]
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