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Tuesday, September 8, 2015

TFSA designations may cause estate problems

I've come across a really good article about Tax Free Savings Accounts (TFSAs) and what happens when the owner of a TFSA dies. It's by Amin Mawani and appeared on www.advisor.ca. The article is a few months old but somehow I didn't see it before. Click here to read it. It gives a really good rundown on beneficiary designations and successor owners, and you'll probably find it eye-opening if you own a TFSA.

1 comment:

  1. My comment is not on TFSA, however is on a designated beneficiary on an RSP. My brother has recently passed away and I am the executor, the bank will not release his RSP funds to his wife, who is the designated beneficiary, they keep coming up with excuses such as there is a problem because it was a self directed fund. However my feelings are that they do not want to give her access to the funds, until the mortage insurance pays out.

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