knowledge topics
Death of a TFSA Holder
KNOWLEDGE EXPECTED OF: Both CFP® Professionals and QAFPTM Professionals
- Define the types of beneficiaries that may be available on a Tax-Free Savings Account.
- Successor holder1
- Survivor1
- Designated beneficiary
- Qualified donee2
- Identify who may be named as a successor holder of a Tax-Free Savings Account.3
- 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.4
- Define the rollover period for a successor holder of a Tax-Free Savings Account.5
- Define an exempt contribution by a survivor for a Tax-Free Savings Account.6
- 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.7
- Explain the requirements for a contribution to a Tax-Free Savings Account to be considered exempt.7
Glossary of Verbs (mouse over to see definition)
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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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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 judgement through careful study
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Interpret
To give the meaning of / to construe or understand / to translate orally

REFERENCES
- http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/glssry-eng.html
- http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/glssry-eng.html#Qualifieddonee
- http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/dth/sccrhldr-eng.html
- http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/glssry-eng.html#Exemptperiod
- http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/glssry-eng.html#rollover
- http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/glssry-eng.html#Exemptcontribution
- http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/dth/thrbnf-eng.html