BoK Statement

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)

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

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 judgement through careful study

Interpret

To give the meaning of / to construe or understand / to translate orally

Read more about the Taxonomy used in the FP-BoK

Financial Planning Body of Knowledge