Did you include your TFSA in your estate plan?
Did you include your TFSA in your estate plan?
By now, you are probably aware of the benefits that a Tax-Free Savings Account can provide you with from an investing perspective. But did you know that your TFSA can also be a big help to your estate plan too? If you have a spouse, you should ensure that you have named each as Successor Holder’s to each other’s TFSAs (not Beneficiary). The Successor Holder designation allows a surviving spouse to roll a deceased spouse’s TFSA into their own, effectively giving the surviving spouse double the TFSA limit room. If you are a single individual (or a surviving spouse), you can name a Beneficiary to your TFSA. This way, your entire TFSA will be passed on to your chosen beneficiary outside of your will. This means that there will be no probate or estate tax payable on the money/investments inside your TFSA. This is just another reason why you should make sure that you are using a TFSA and that you have your TFSA set up with proper designations.
This information has been prepared by Luft Financial. Opinions expressed in this article are those of Luft Financial only and do not necessarily reflect those of iA Private Wealth. Furthermore, this does not constitute an offer or solicitation to buy or sell any of the securities mentioned. The information contained herein may not apply to all types of investors.
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