A tax-free savings account, which can name a successor holder or a beneficiary.
In Islamic law
Same structural issue as an RRSP — the account passes outside the estate, and whether it also falls outside the shares is contested among contemporary fatwa bodies.
In Canadian law
A spouse named as successor holder takes over the account intact. Anyone else named as beneficiary receives the value, with growth after death taxable.
We have not yet researched whether the four Sunni schools differ on this term, so we are not going to tell you either way. Where a specific case turns on it, ask a qualified scholar rather than relying on a general summary.
Canadian legal detail
Treadstone Law, an Ontario firm with a wills and estates practice, covers the Canadian side of this in more depth:
- Tfsa beneficiary vs successor holder
- Tfsa successor holder vs beneficiary ontario
- Fhsa successor holder like tfsa
This is legal information only. For advice on your own circumstances, speak to a lawyer.
Citations & sources
Every factual claim on this page traces to a source below. Details change — check the original source before relying on any figure, fee or legal position. Anything under “further reading” is related material, not a source for what is stated here.
- Death of a TFSA holder — Canada Revenue Agency
- Tfsa beneficiary vs successor holder — Treadstone Law
- Tfsa successor holder vs beneficiary ontario — Treadstone Law
- Fhsa successor holder like tfsa — Treadstone Law
- Rrsp no named beneficiary death ontario — Treadstone Law
- Wills & estates practice — Treadstone Law