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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.
