Can I designate someone to be a Successor Holder or Beneficiary for my TFSA? What is the difference?

Yes, you can designate someone to be a "Successor Holder" or "Beneficiary" for your TFSA. It’s important to know the difference before you register your Account and to also be aware if the province you live in currently allows the designation (currently, the province of Quebec doesn’t allow these designations).

A Successor Holder must be your spouse or common-law partner, and they will take over your Account upon your passing. The TFSA will become registered in their name, and they can contribute or withdraw funds as anyone else with a TFSA is able to.

A Beneficiary can be anyone, including your spouse. If the TFSA only has a Beneficiary listed, upon your passing, the funds will be paid out to the Beneficiary outside of the TFSA