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Email this9:06 am
December 1, 2016
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JenE said
As for TFSA beneficiaries, I Think that what I read is that if you've got a named beneficiary, the funds go directly to that person and no probate tax is applied. I could be wrong!
that is my understanding as well, since a TFSA is not a tax deferred vehicle; that is the whole point of a TFSA.
With respect to RRSPs, I would like to know how that applies with respect to taxes/probate when it comes to a beneficiary being either the spouse/common law OR anyone else (ie. sibling, friend, charity, etc).
9:50 am
September 11, 2013
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TopIt Up, I agree, life's a lot easier if there's enough for everybody after taxes, fees, etc. But most people either aren't in that position (i.e. minimizing taxes, etc makes a difference to beneficiaries) or else they prefer to maximize money going to people they know vs, via taxes, to the rest of us.
CRA used to have its own site but now it seems to be integrated into the Canada.ca site. Here's a link to a page where you can start your reading about TFSAs, RRSPs, RRIFs, etc:
https://www.canada.ca/en/services/taxes/savings-and-pension-plans.html
11:23 am
December 17, 2016
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Well, the individual estates will most certainly leave some money on the table, in the form of taxes BUT, distribution of the estate is based on percentages and this approach seemed the BEST way for us to go.
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