Sentences with phrase «as successor holders»

As noted earlier, the optimum thing if you are a spouse or Common - law partner (CLP) is to name each other as Successor Holders to the partner's TFSA, while both are still alive.

In fact, you can name both a successor holder and a beneficiary — for example, a man could name his wife as a successor holder and his child as beneficiary, meaning his wife would get the money after his death.

Spouse / CommonLaw Partner Successor Holder: The Holder may designate his / her surviving Spouse / CommonLaw Partner as the successor holder of the Plan after the Holder's death.

Note that only a spouse or common law partner qualifies as a successor holder — anyone else must be listed as a designated beneficiary.

When you die, your spouse, as successor holder, becomes the new owner of your TFSA.

You can only designate a spouse or common - law partner as the successor holder.

If you have designated both a successor holder, and a beneficiary, at your death, the person designated as your successor holder will become the holder of your TFSA except if that person has either a) died before you; or b) is no longer your current spouse or common - law partner at the time of your death.

If you want your TFSA to go to your spouse and you live in a province that allows successor holders, Edmund, it's important to name your spouse as the successor holder, not just the beneficiary.

Not exact matches

Sadly for the Conservatives, not one of her successors as party leader (notably the current holder) can match her political skills, strengths and service.

More recently, the U.S. attorney was floated as a potential successor to U.S. Attorney General Eric Holder.

Still, sources said, his name has been floated as a potential successor to his boss, U.S. Attorney General Eric Holder, a position that some close to him said he would relish.

If you want your spouse or common - law partner to have access to your account after your death, he or she should be designated as the «successor holder.»

Note that only a spouse can be your successor holder: if you want a child or other heir to receive your assets, they must be named as the beneficiary.

You can name one another as «successor holder», so that, when one of you passes away, the survivor simply becomes the new owner of the plan.

A successor holder must be your spouse or common - law partner, as defined by the Income Tax Act.

@Juan — The difference is that the successor holder can take over the account automatically as of the date of death and the money remains tax - sheltered in the TFSA.

By law, only your current spouse or common - law partner, as recognized by the Income Tax Act (Canada), can be a valid successor holder.

Important: As set out in the language on the form, when you change either your successor holder or beneficiary designation, this will revoke all previous designations on that particular TFSA.

If your TFSA was established in 2009 when the account was first introduced, you likely didn't appoint a successor holder at that time as the concept did not initially exist.

If your sister - in - law was the TFSA beneficiary or successor holder, you may be able to transfer the TFSA investments «in kind» or as is from one TFSA to another, Rosemary, but that will be up to the transferring and receiving financial institutions.

Your brother may have appointed your sister - in - law as the «successor holder» for his TFSA, which is slightly different from appointing her as the «beneficiary.»

If your brother did not name her as the beneficiary or successor holder for his TFSA, the account would be payable to his estate.

I still remember when the successor to the PSP was unveiled at a press event as the NGP, which stood for the generic place - holder moniker, Next - Generation Portable.