Q&A: Passing on a TFSA
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Question: As my wife is 17 years younger than me, I’ve set up my RRIF payments based on her age as you recommend. However, I have concerns over the disposition of my TFSA in the event of my death.
We have both made maximum contributions each year and named the other as beneficiary. However, I understand that it is possible to designate a “successor” to pass a TFSA to and that appears to be more tax-advantageous.
My question is: how does one name or appoint a spouse as the successor? Via a will, or through some other mechanism? I’d very much appreciate your guidance on this. – Garry G., Lantzville BC