Difference between revisions of "Taxation: RRSP & RRIF & TFSA (16:XIII)"

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.