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Strategically review your employer savings plans before the end of the year + MORE Nov 1st
Employees should actively investigate their options and invest accordingly..... More »
Personal Income Tax Guide: The deadline for filing your 2021 return, tax brackets and more + MORE Dec 12th
The year 2021 has been a year about money, from the latest crypto to inflation to housing prices to taxes. While money trends can go up and down—or up and up for certain matters—taxes can be more predictable, if you’re prepared. This year’s MoneySense income tax guide includes the things you.... More »
What you need to know about the first-time homebuyers savings account + MORE Apr 3rd
How to go about securing the best savings strategy in Canada.
What you need to know about the first-time homebuyers savings account - thestar.comContinue Reading On thestar.com »
What are money scripts? What’s yours? - moneysense.caMoney scripts impact our thoughts, feelings and bel.... More »
How to save money in Canada: A new way that offers higher interest and more flexibility + MORE Dec 17th
If you’re saving up for a financial goal or large expense—whether it’s a vacation, future vet bills or just your rainy day fund—chances are you’re setting aside money in a regular chequing account, a high-interest savings account (HISA) or a guaranteed investment certificate (GIC). Maybe y.... More »
How the elimination of interest on federal student loans could give graduates a boost + MORE Nov 28th
All about Canadian Savings. Learn the ins and outs and get the latest news.
How the elimination of interest on federal student loans could give graduates a boost - thestar.comContinue Reading On thestar.com »
Tools and habits to stay on track with your money goals - moneysense.caIn re.... More »
Tax changes signed by Trump late last year cut the corporate income tax rate to 21 per cent, from 35 per cent.What happens to your spouse’s TFSA if they die
– moneysense.ca
Q: My brother recently died and my sister-in-law is his beneficiary. We are unclear what happens with his TFSA, i.e. how can it be turned over ‘in kind’ to her if her TFSA is already maximized?
Wouldn’t it have to be cashed out for her to invest as she wishes, she just wouldn’t have to claim interest earned for that calendar year?
—Rosemary
A: I’m sorry for your loss, Rosemary. It sounds like you may be acting informally to help your sister-in-law or formally as the executrix of your brother’s estate. Either way, your question is a good one and my answer is “it depends.” I’ll elaborate.
You mentioned that your sister-in-law is your brother’s beneficiary. We should clarify what you mean by that. If she is the “beneficiary” of his Tax-Free Savings Account (TFSA), his TFSA must be paid to her and only her, whether to her TFSA or to her directly. It can be transferred from his TFSA to her TFSA and could qualify as an “exempt contribution,” meaning it doesn’t impact her TFSA room…
Tax changes signed by Trump late last year cut the corporate income tax rate to 21 per cent, from 35 per cent.
