TFSA Transfers
KNOWLEDGE EXPECTED OF: QAFP® Professionals
Highest Knowledge Level: Evaluation
Knowledge Levels and Associated Verbs
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Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
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Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
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Application
Ability to put information to use / to use knowledge for relevant, practical purposes
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Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
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Define
To state exactly the meaning of
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Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
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Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
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Determine
To ascertain / to come to a decision, such as by investigation or reasoning
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Compare
To note the similarities and differences between two or more things
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Estimate
To determine an approximate value for
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Calculate
To find the value using mathematics
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Convert
To change from one form or purpose to another
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Evaluate
To reach a conclusion or make a through careful study
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Interpret
To give the meaning of / to construe or understand / to translate orally
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Hold cursor over or click on each term to read its definition.
- Identify potential reasons why an individual may choose to transfer capital property from one Tax-Free Savings Account to another Tax-Free Savings Account.
- Death of the holder
- Death of the holder’s current (or former) spouse
- Voluntary choice by the holder to transfer
- Define a qualifying transfer between Tax-Free Savings Accounts.
- Determine the impact of a non-qualifying transfer between Tax-Free Savings Accounts.1
- On the TFSA contribution room for the transferor
- On the TFSA contribution room for the transferee
- Tax (penalty) if any
- Estimate the tax impact of transferring capital property into a Tax-Free Savings Account.
- Determine how each of these factors may impact the suitability of transferring capital property into a Tax-Free Savings Account:
- Withdrawal options
- Tax impact
- Evaluate how each of the factors may impact the suitability of transferring capital property into a Tax-Free Savings Account.
- Determine how each of these factors may impact the suitability of transferring capital property out of a Tax-Free Savings Account:
- Cash flow needs
- Withdrawal options
- Evaluate how each of the factors may impact the suitability of transferring capital property out of a Tax-Free Savings Account
REFERENCES
KNOWLEDGE EXPECTED OF: CFP® Professionals
Highest Knowledge Level: Evaluation
Knowledge Levels and Associated Verbs
|
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.
- Identify potential reasons why an individual may choose to transfer capital property from one Tax-Free Savings Account to another Tax-Free Savings Account.
- Death of the holder
- Death of the holder’s current (or former) spouse
- Voluntary choice by the holder to transfer
- Define a qualifying transfer between Tax-Free Savings Accounts.
- Determine the impact of a non-qualifying transfer between Tax-Free Savings Accounts.2
- On the TFSA contribution room for the transferor
- On the TFSA contribution room for the transferee
- Tax (penalty) if any
- Estimate the tax impact of transferring capital property into a Tax-Free Savings Account.
- Determine how each of these factors may impact the suitability of transferring capital property into a Tax-Free Savings Account:
- Withdrawal options
- Tax impact
- Evaluate how each of the factors may impact the suitability of transferring capital property into a Tax-Free Savings Account.
- Determine how each of these factors may impact the suitability of transferring capital property out of a Tax-Free Savings Account:
- Cash flow needs
- Withdrawal options
- Evaluate how each of the factors may impact the suitability of transferring capital property out of a Tax-Free Savings Account
Additional Knowledge Expected of CFP Professionals
- Identify potential reasons why an individual may choose to transfer capital property from one Tax-Free Savings Account to another Tax-Free Savings Account.
- Breakdown of the holder’s relationship
- Explain the Canada Revenue Agency’s requirements related to tax-deferred transfers of capital property between Tax-Free Savings Accounts upon the breakdown of a relationship between spouses.1
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