Estate Planning 101 with a Tax Free Savings Account

Hi, my name is Taivi Tayler and I am a practicing Certified Financial Planner, Wealth Manager, & Insurance Broker and I work with people all over the Province of Ontario.

I love the Tax Free Savings Account.

As a wealth manager, ensuring that people invest tax efficiently is key. As an Estate planner, I’m always on the look out for how wealth is handled at death.   

Yup, we’re going to get a bit dark here for a moment.

When someone dies their Tax Free Savings Account will transfer to their named beneficiary. If a spouse, it just slides across into the surviving spouses TFSA. It doesn’t count as a contribution either which is ideal strategically because the surviving spouse preserves their own contribution room and limits.   If the named beneficiary is another adult, then the funds can move both TAX FREE and will bypass the Dreaded Estate Administration Tax, commonly known as probate. This account is wildly tax efficient.

If you have a TFSA and you don’t think you’re lining it up for it’s true potential, let’s talk about it.

Contact us to find out how we can keep your wealth management strategy tax efficient. Plan, protect, and grow your wealth with Tayler Insurance & Estate Planning.