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  1. Could you please confirm that a Successor Holder form is to be filed with holder of the account(s) (i.e. Bank) and not attached to the will? Also, please confirm that when a Successor Holder form is filed, there is no requirement to file an RN240 form with CRA?

  2. My wife is a dual Canada-U.S. citizen. She doesn’t have a TFSA. Given the US doesn’t accept the tax free status of TFSAs, what is the best strategy for my TFSA?

    1. Norm, I’m also a dual US-Canadian citizen and my husband is Canadian. We used a firm of cross-border financial advisors (licensed in both jurisdictions) to set up our accounts when we moved to Canada from the US. On their advice, I am the beneficiary (NOT the successor) of his TFSA. That said, you should confer with a qualified advisor, as you may have other issues that you’re not aware of.

      1. Agreed, when it comes to financial questions such as this the best people to go to are the professionals who work in this field. My wife is Canadian and I’m a PR but not a dual-citizen. My wife is the beneficiary on my TFSA. Every situtation is different.

  3. I learned about this earlier this year and off I went to our local Credit Union to make the change from beneficiary to successor holder for the TFSAs that we have with them. Much to my surprise they don’t offer the successor holder option for the TFSAs and now we must be on our toes when one of us dies so that we obtain and submit the right forms at the right time. Needless to say I was disappointed. Nonetheless, I appreciate this information that you have shared and have saved it.

    1. It’s amazing what some people don’t know about their investments that they only find out about when someone passes away. We’ve learned quite a bit over the past two years through experiences.
      Thanks for dropping by Kathy.

    2. Transfer your TFSAs to a Bank and have successor holder forms completed. Even if that’s the only business you take to/hold at a Bank.

  4. Is it mandatory to name the spouse as the TFSA beneficiary? Even if my spouse is alive, can I name my children as the beneficiaries? They are over the age of 18.

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