Death of a TFSA Holder

KNOWLEDGE EXPECTED OF: QAFP^® Professionals

Awareness The state of being aware that something exists / to have familiarity with a particular activity or subject		Understanding To comprehend the general relationship of particulars / to have an expertise with how something works	Application Ability to put information to use / to use knowledge for relevant, practical purposes					Evaluation To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
Define To state exactly the meaning of	Identify To be aware of / to recognize and correctly name / to locate an appropriate resource	Explain To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it	Determine To ascertain / to come to a decision, such as by investigation or reasoning	Compare To note the similarities and differences between two or more things	Estimate To determine an approximate value for	Calculate To find the value using mathematics	Convert To change from one form or purpose to another	Evaluate To reach a conclusion or make a through careful study	Interpret To give the meaning of / to construe or understand / to translate orally

Hold cursor over or click on each term to read its definition.

Define the types of beneficiaries that may be available on a Tax-Free Savings Account.

Identify who may be named as a successor holder of a Tax-Free Savings Account.⁴
Explain the benefit of being named a successor holder of a Tax-Free Savings Account.
Define the exempt period for beneficiaries of a Tax-Free Savings Account.⁵
Define the rollover period for a successor holder of a Tax-Free Savings Account.⁶
Define an exempt contribution by a survivor for a Tax-Free Savings Account.⁷
Explain how a spouse not designated as a successor holder of a deceased Tax-Free Savings Account holder can receive the same benefit as a successor holder of a deceased Tax-Free Savings Account holder.⁸
Explain the requirements for a contribution to a Tax-Free Savings Account to be considered exempt.⁹

Awareness The state of being aware that something exists / to have familiarity with a particular activity or subject		Understanding To comprehend the general relationship of particulars / to have an expertise with how something works	Application Ability to put information to use / to use knowledge for relevant, practical purposes					Evaluation To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
Define To state exactly the meaning of	Identify To be aware of / to recognize and correctly name / to locate an appropriate resource	Explain To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it	Determine To ascertain / to come to a decision, such as by investigation or reasoning	Compare To note the similarities and differences between two or more things	Estimate To determine an approximate value for	Calculate To find the value using mathematics	Convert To change from one form or purpose to another	Evaluate To reach a conclusion or make a through careful study	Interpret To give the meaning of / to construe or understand / to translate orally

Hold cursor over or click on each term to read its definition.

Define the types of beneficiaries that may be available on a Tax-Free Savings Account.

Identify who may be named as a successor holder of a Tax-Free Savings Account.⁴
Explain the benefit of being named a successor holder of a Tax-Free Savings Account.
Define the exempt period for beneficiaries of a Tax-Free Savings Account.⁵
Define the rollover period for a successor holder of a Tax-Free Savings Account.⁶
Define an exempt contribution by a survivor for a Tax-Free Savings Account.⁷
Explain how a spouse not designated as a successor holder of a deceased Tax-Free Savings Account holder can receive the same benefit as a successor holder of a deceased Tax-Free Savings Account holder.⁸
Explain the requirements for a contribution to a Tax-Free Savings Account to be considered exempt.⁹