
Also visit the Canadian Revenue Agency website for more information on TFSA's.
Investment Advice re TFSAs
“A family member has passed away. He had a tax-free savings account (TFSA) worth $5,000. His wife was designated as ‘successor/beneficiary’. Can she take over his TFSA when her TFSAs are already topped up to her $15,000 limit, thereby giving her a total of $20,000 in TFSAS?"
J.T., Calgary, AB
"When a surviving spouse is a ‘beneficiary/successor’, the TFSA retains its tax-free status, and the TFSA continues. The financial institution will change the registered name and social insurance number of the TFSA to be that of the successor holder. If desired, the deceased’s TFSA account can be closed and transferred to the successor holder’s TFSA. This transfer will not impact the successor holder’s regular TFSA contribution limit."
Brian Quinlan,
Chartered Accountant
Campbell Lawless Professional Corporation, Toronto, ON
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