The most important thing is to keep all paperwork when naming a a beneficiary or successor holder. I went to CIBC after my husband died and they had no record of him naming me as the successor holder. Luckily I went into his email and found the paperwork that he sent to them. Never assume the bank is on the ball and that the people who work there are competent. It happens more often than you think unfortunately. My brother works for a big bank and he is appalled at how often this type of thing happens.
Rules are a bit different in the province of Quebec. In our province we don't need to list anyone because it the last will that is used and they will automatically render your spouse successor holder
Another great video Adam. Could you do a video about probate at some point? I hear it mentioned a lot in various financial planning videos but it would be great to get a more detailed explanation. Thanks again!
Very informative! It's interesting that neither my wife's TFSA plan manager (her company plan), nor my own TFSA manager (TDI) have communicated the option for successor holder. We were given (and have completed) the beneficiary designation's, for each other respectively, but don't ever recall being given the option to designate a successor holder. I guess this is something we need to ask for (i.e. specific form), or, maybe this is something that is designated in a Will. We're going to have to call them to get this resolved.
Hi Adam. I have found your channel recently and am really enjoying it. I am working my way through the videos from the beginning. :) This particular video really resonated with me. You mentioned having this item on a checklist of things that a spouse or estate administrator would be able to use for financial instruments. I was wondering if you had a template that you could share or if you have considered a video on this topic as it would seem to fit well with the education that you are providing us. Many thanks, and keep up the great work!
Very good information on tax planning. Wondering if you could help with this TFSA scenario? Both spouses are designated as successor holders. Both are maxxed on their lifetime contributions. One has a TFSA of $84,000, the other has a TFSA of $60,000. On the death of one spouse, his TFSA becomes the other spouse's. Now the surviving spouse has two TFSA's, her own TFSA plus the successor holder TFSA. She makes the $6000 annual limit contribution to her TFSA. She consolidates for administrative ease into one TFSA, for a total of $150,000. In the same year, she withdraws the $150,000 and closes her original TFSA. She opens a new TFSA account later in the year with an online bank, but does not make any further contributions in the year she closed the original TFSA. After January 1 of the next year, she can contribute the allowed $6500 yearly limit. Can she now make a $156,500 contribution to the new TFSA account without penalty tax? Are there any special considerations to rollover the deceased spouse's TFSA to her own to consolidate to one account?
Very good information Sir. Is it possible to list spouse as a Successor and at the same time add 1 Beneficiary also on TFSA account ? .....and how to divide percentage between them ! ? Please make another detailed video on it
Why do banks not tell you about SUCCESSOR HOLDER and tell you about how to do it, is it a special form that the bank must give you. I really do not understand why everything is so complicated with time lines for roll overs to spouses or common law partners at a very difficult time for a spouse. Can the bank, or does the bank have special forms to do this for you. It’s great that you are explaining everything in detail. Just wondering if Revenue Canada has a pamphlet on Tax Free Savings Accounts explaining everything as you just did.. if not, they should have one that can be given out at the time you open a Tax Free Account.
Hi Adam, I am familiar with the differences of a successor holder and beneficiary designation. However, I am unable to find any information in regards to having a successor holder and having a backup beneficiary designation in the event that a husband and wife should unfortunately pass at the same time. What form needs to be filled out? And does it make a difference if you reside in Ontario or BC? Thanks.
Hey thanks for the video!!! Quick question, if you are the successor to a TFSA, let's use your example of Joe and Sally, Joe takes over Sally's TFSA (let's say of 150,000). Does Sally keep getting the annual contribution room increase? Or does her contribution increases end the year she passes? I'm assuming it ends, but thought I would ask. Thanks so much!!
how about in this following situation. During marriage, the wife puts her husband as the successful holder. But if later on they divorce, what will happen? Thank you
Great information thanks -hv a Q - if u r the 2nd surviving spouse - then u can only name a beneficiary to take over yr tfsa acct after u pass - How does that work in the beneficiary's hands ?
Is this Successor Holder applicable only to TFSA? Can this be applicable in RRSP Rollover as well. If it isn't. What is the best way for RollOver to Spouse or Any Other Beneficiary.
Thanks for the valuable information. Just wondering if the someone buys ETFs and/or stocks in his TFSA account, can his/her successor take over the account without going into the probate? Thanks
I'm recently separated from my wife. We're on decent enough terms that I'm fine keeping her as successor holder for my TFSA. I assume I can do this but that once divorced, I'll have to change her to a beneficiary (if I still plan on leaving her anything). Can you please confirm?
Does the unused contribution room also transfer over to the Successor Holder? If so, will keeping the accounts separate allow both TFSA's contribution room to grow each year?
Hello, If I want to be Beneficiary of my Land Trust myself to control 100% everything by myself only and my wife and kids name listed in the land trust if something happens to me. I like to set it up so the kids and my wife become beneficiaries upon the death and they don't get slammed with a tax bill. What position i can give them?
My mom who is 82 doesn’t have tfsa she lives with me . Is it advisable for me to use her tfsa allocation using my money and thus using myself as a beneficiary. Any down side?
Hey, why is this a ripoff of single people? The difference merely recognizes that financial planning is a family undertaking. If one spouse dies the survivor takes the deceased’s place. There is no doubling of contribution limits.
@@bunkerhill4854 my wife and I both have 75.5k in tfsa. I pass away. She is successor holder. She would receive my TFSA and now have 151k in TFSA. If she withdrew the whole amount, she would get the full 151k back the next year, plus 6k new contribution. Hope that clears it up for you.
