Can you have more than One Beneficiary on a TFSA? | Tax Free Savings Accounts | Discussion forum
August 19, 2011
My mother in law has been trying to change the beneficiary on her TFSA account and was told that she can only name one beneficiary. She wants to have two beneficiaries. Is it possible to have two?
I believe you can have either a beneficiary or a successor…one name. You would also want to make sure that if either the beneficiary or successors also died that your mothers TFSA would go to her estate. I hope your mother kept copies of what she did for beneficiary/successor….read them over. If you have the TFSA with a bank or CU make sure your mother does the talking. I tried to get a TFSA for my mother who is in a home and my wife is her Power of Attorney and the bank was adamant that my bed ridden mother attended the bank to sign the forms. HOW STUPID eh!!! The bank implied that my wife would make her self the beneficiary (which would then circumvent the will). Not so…she was going to make it pay out to the estate…but they never asked. Also keep in mind for married couples if one dies the remaining spouse gets to keep the $ in the TFSA without impacting on their annual allowable deposit.
ps. So much for trying to protect my Mom's savings from income tested claw backs eh!!??