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.
Making an Islamic will in Canada — province by province, and what makes one valid where you live →
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