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TFSA - Beneficiary Designation
February 6, 2017
1:54 pm
Need2Learn
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October 20, 2014
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About 3 years ago my son opened an account with Hubert and he filled out the info for Designation of Beneficiary (DoB) on the application. Recently, he wanted to make some change to the form and asked Hubert to check the old designation. However, he was told that they couldn't find any info regarding the DoB for his account.

He printed out the new DoB form from the their website and this form is totally different from the previous one. I encourage anyone who has TFSA with Hubert to check their DoB to make sure it was filed properly.

February 6, 2017
8:23 pm
Loonie
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I am not sure about timing or about Manitoba's situation, but I know that when TFSAs were first introduced, few if any provinces had provisions for spousal beneficiaries. When this became available, they had to change their forms.

That being said, I've also run into the problem of the disappearing beneficiary form. Some (e.g.Peoples) don't give you any verification of the form unless you specifically ask them for it. TD told me I had none for an RSP, which was absolutely not true. They also lost my power of attorney.

Always keep as many records as you can. And make a will. Some FIs will only accept a probated will, no matter what the beneficiary form says. Maybe that's why they can afford to be so careless with them.

February 7, 2017
11:39 am
Need2Learn
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From what I understand, the Designation of Beneficiary in TFSA and RRSP accounts will not be superseded by a Will, providing that they are done properly. But I agree with Loonie that we should keep a copy of all important info.

February 7, 2017
6:16 pm
Loonie
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I'm not a lawyer but there have been some cases reported of problems with wills. I think they might have even been on this site, but not sure.

If a will is more recent than the beneficiary form and refers specifically to the registered plan and names a different person and the executor pursues this, the bank would be in trouble if it had already given the money away to the designate. This is why they may be sticky about it. It's probably easier if they"know" you personally.

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