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10804-2009/07 Page 1 of 2 Self-Directed Tax-Free Savings Account (TFSA) Successor Holder or Other Beneficiary Designation Form CIBC Investor Services Inc. Unless otherwise defined, capitalized terms.

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If you get married or divorced, or have children or other life changes, standard sequence will follow those life changes. If you never file a beneficiary designation, your benefit will be paid ing to standard sequence at the time of your death.

Setting up a trust for them is the best way to proceed if you still want them to get your assets. Additionally, it's best to leave your estate out as a beneficiary because naming it requires probate to determine who gets what, which could take time, and there could be large tax consequences if you name your estate.

Provide the following information on the beneficiary designation: The full name of the trust as it shows on the trust document. The date the trust was created. The name of the trustee, followed by the word “trustee”, or if you cannot provide a trustee, ETF may accept another contact person. The trustee's address.

Provide the following information on the beneficiary designation: The full name of the trust as it shows on the trust document. The date the trust was created. The name of the trustee, followed by the word “trustee”, or if you cannot provide a trustee, ETF may accept another contact person. The trustee's address.

The main difference between the two designations is that a beneficiary will receive the assets from the TFSA, but the successor holder will receive the TFSA account itself. For example, if a TFSA worth $80,000 was passed to the beneficiary, they would receive $80,000, but the TFSA would be shut down.

The beneficiary designation forms allow you to name primary and secondary beneficiaries. Your “primary beneficiaries” are the first people or entities that you want to receive your benefit after you die.

Successor holder: Only your spouse or common-law partner, as defined in the Income Tax Act (Canada), can be a successor holder. In the. event of your death, the name on the Account is changed to the name of the successor holder, who will continue to hold and operate the. Account as their own.

If you don't name a beneficiary as part of your life insurance policy, the death benefit will flow through your estate. Your loved ones will receive a smaller lump sum payment, and payment will be delayed as the funds go to probate as part of your estate.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232