Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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How many beneficiaries can you have?
– moneysense.ca
A reader asked, “Is there is a maximum number of beneficiaries allowed? My mother-in-law’s financial institution told her there is a max of five. But she has seven children and wants them all listed on her accounts, including her TFSA.”Frank Di Pietro, assistant vice-president of tax and estate planning at Mackenzie Investments, tells us the Income Tax Act does not restrict the number of beneficiaries on an account. So, any maximum would depend on the financial institution’s own policies.
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What you need to know about inheritance rights
We asked the Big 5 banks what their policies were. Three got back to us, and we’ll update as needed.
Bank of Nova Scotia: No maximum. “As a general principle, brokerage clients are entitled to designate multiple beneficiaries for their registered accounts,” says Mark Phillips, managing director, Operations & Product Strategy, Scotia iTRADE…
