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What is the difference between a Successor and a Beneficiary in my TFSA?

Successor:

Upon the death of an account holder, the TFSA account continues to exist, and the surviving spouse or common law partner becomes the new account holder and can manage and contribute to the account as if it were their own subject to their own available contribution room.


Beneficiary:

Upon the death of an account holder, the funds in the TFSA are delivered to the beneficiary while maintaining their tax-free status up to the death. Any subsequent growth after the account holder’s death is taxable.

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