Estate Planning with TFSA’s
In this video I am going to walk through some estate planning considerations for Tax-Free Savings Accounts.
I am going to explain how beneficiary designations work for TFSA’s when you pass away and explain a useful approach to passing your TFSA along to your spouse when you pass away that will save you time and frustration.
Before we get started, if you are watching this video and its because you’ve lost a loved one, I’m so sorry. I hope that this video helps to ease your mind and give you some guidance as you work through this difficult time.
So, to set the stage, let’s talk about TFSA’s. Funds go into the account on an after-tax basis, they grow tax-free while in the account and eventual withdrawals are tax-free. The TFSA is a great account for retirees, especially for excess RRIF minimums, inheritances, proceeds from house downsizes, etc. I love TFSA’s.
In addition to all of these great benefits, the TFSA’s also offer you some pretty neat planning opportunities to make sure that your money goes to your loved ones quickly and with very little friction when you pass away.