Is my TFSA part of my family patrimony?

Angela Iermieri | Financial Planner | Desjardins Group

No. Unlike the RRSP, the TFSA isn’t subject to the rules of family patrimony. However, under the matrimonial regime, it could be part of the shareable property.

So, what happens to my TFSA when I die?

If your TFSA is transferred to your spouse by a will bequest or otherwise, it’s transferred to your spouse’s TFSA without affecting their contribution room, even if they’ve already contributed the maximum amount. These savings will continue to be tax-sheltered but, unlike RRSP contribution room, your unused TFSA contribution is forfeited when you die.

If your TFSA is transferred to your heirs, its value at the time of your death will remain tax-free. Amounts invested are never taxable when withdrawn. When you die, the sums are part of your estate and will be shared in accordance with your wishes.

If there are any questions, send them to us along with any comments you may have.

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