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The fair market value of the TFSA will be received by the estate of the deceased taxpayer or any gains that accumulated in the account will continue to be tax-free until the end of the year following the death of the account holder. The tax-free status of the TFSA is preserved if the deceased taxpayer named his/her spouse or common-law partner as the successor account holder. | The fair market value of the TFSA will be received by the estate of the deceased taxpayer or any gains that accumulated in the account will continue to be tax-free until the end of the year following the death of the account holder. The tax-free status of the TFSA is preserved if the deceased taxpayer named his/her spouse or common-law partner as the successor account holder. | ||
It is unlikely that tax liability for the income generated by the TFSA from monies contributed to the TFSA during the taxpayer’s lifetime. This is different from RRSPs or RRIFs. | It is unlikely that tax liability for the income generated by the TFSA from monies contributed to the TFSA during the taxpayer’s lifetime. This is different from RRSPs or RRIFs. | ||
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