Estate reporting

TFSA - Individual Record Filing Upon Death

The following tables contain examples that can provide direction as to what information needs to be provided when filing an individual record filing upon the death of a TFSA holder.

Caveat: The examples that follow are intended for general guidance and are by no means meant to be the exact course of action for every scenario.

Scenario 1: Account settles within the same year of death (no successor holder).

John Smith born April 1, 1940, SIN 123 456 789, opened up a TFSA account #B-001-003 in 2009 and deposited $2,500 in January 2nd and February 10th. He passed away on June 15th, 2009 and had not named a successor holder. The FMV at time of death was $5,700. The account was fully redeemed on September 1st, 2009 to the Estate. The value at redemption was $6,500.

Individual record filing for 2009

Name of fields Reporting data
TFSA holder social insurance number 123456789
TFSA holder surname Smith
TFSA holder given name John
TFSA holder date of birth 1940-04-01
TFSA holder address Enter TFSA holder address
New TFSA account this year for this holder: (Y/N)
<tfsa_new_ctrct_ind > </tfsa_new_ctrct_ind>
Y
TFSA account closed this year: (Y/N)
<ctrct_trmnt_ind></ctrct_trmnt_ind>
Y
Closing Date:
<TFSA_TRMNT_DT>
2009-09-01
Successor holder account: (Y/N)
<tfsa_scsr_ind></tfsa_scsr_ind>
N
TFSA contract or account number:
<tfsa_ctrct_nbr></tfsa_ctrct_nbr>
B-001-003
Contributions by day from Jan 1- Dec 31
</TRANS_DT>
<cnamt></cnamt>
</TRANS_DT>
<cnamt></cnamt>

2009-01-02
2,500.00
2009-02-10
2,500.00
Withdrawals by day from Jan 1 - Dec 31
</TRANS_DT>
<wdamt></wdamt>
2009-09-01
6,500.00
FMV of TFSA @ Dec 31 of calendar year
<cye_fmv_amt></cye_fmv_amt>
0.00
Date of death
<TFSA_HLDR_DTH_DT>
2009-06-15
FMV at time of death
<fmv_at_dthamt></fmv_at_dthamt>
5,700.00

Scenario 2: Account settles within the same year of death (successor holder exists).

John Smith born April 1, 1940, SIN 123 456 789, opened up a TFSA account #B-001-003 in 2009 and deposited $2,500 in January  2nd and February 10th. He passed away on June 15th, 2009 and Jane Smith, SIN 987 654 321, born Oct 1, 1945 is the successor holder. The FMV at time of death was $5,700 and at the end of the year on Dec 31, the FMV of the TFSA was $6,000.

Individual record filing for 2009

Name of fields Reporting data
TFSA holder social insurance number 987654321
TFSA holder surname Smith
TFSA holder given name Jane
TFSA holder date of birth 1945-10-01
TFSA holder address Enter TFSA holder address
New TFSA account this year for this holder: (Y/N)
<tfsa_new_ctrct_ind></tfsa_new_ctrct_ind>
Y
TFSA account closed this year: (Y/N)
<ctrct_trmnt_ind></ctrct_trmnt_ind>
N
Successor holder account: (Y/N)
<tfsa_scsr_ind></tfsa_scsr_ind>
Y
Surname of deceased holder:
<dces_tfsa_snm></dces_tfsa_snm>
Smith
Given Name
<dces_tfsa_gvn_nm></dces_tfsa_gvn_nm>
John
SIN of deceased holder:
<dces_tfsa_sin></dces_tfsa_sin>
123456789
Deceased TFSA holder Date of death
<DCES_TFSA_DTH_DT>
2009-06-15
TFSA contract or account number:
<tfsa_ctrct_nbr></tfsa_ctrct_nbr>
B-001-003
Contributions by day from Jan 1- Dec 31
</TRANS_DT>
<cnamt></cnamt>
</TRANS_DT>
<cnamt></cnamt>

2009-01-02
2,500.00
2009-02-10
2,500.00
FMV of TFSA @ Dec 31 of calendar year
<cye_fmv_amt></cye_fmv_amt>
6,000.00
Date of death
<TFSA_HLDR_DTH_DT>
 
FMV at time of death
<fmv_at_dthamt></fmv_at_dthamt>
 

Scenario 3: Account settles after year of death (no successor holder).

John Smith born April 1, 1940, SIN 123 456 789, opened up a TFSA account #B-001-003 in 2009 and deposited $2,500 in January 2nd and February 10th. He passed away on June 15th, 2009 and had not named a successor holder. The FMV at time of death was $5,700. At 2009 year end, the FMV of the TFSA was $6,000. The account was fully redeemed on September 1st, 2010 to the Estate. The value at redemption was $6,500.

Individual record filing for 2009 and 2010

Name of fields Reporting data for 2009 Reporting data for 2010
TFSA holder social insurance number 123456789 123456789
TFSA holder surname Smith Smith
TFSA holder given name John John
TFSA holder date of birth 1940-04-01 1940-04-01
TFSA holder address Enter TFSA holder address Enter TFSA holder address
New TFSA account this year for this holder: (Y/N)
<tfsa_new_ctrct_ind></tfsa_new_ctrct_ind>
Y N
TFSA account closed this year: (Y/N)
<ctrct_trmnt_ind></ctrct_trmnt_ind>
N Y
Closing Date:
<TFSA_TRMNT_DT>
  2010-09-01
Successor holder account: (Y/N)
<tfsa_scsr_ind></tfsa_scsr_ind>
N N
TFSA contract or account number:
<tfsa_ctrct_nbr></tfsa_ctrct_nbr>
B-001-003 B-001-003
Contributions by day from Jan 1- Dec 31
</TRANS_DT>
<cnamt></cnamt>
</TRANS_DT>
<cnamt></cnamt>

2009-01-02
2,500.00
2009-02-10
2,500.00
 
Withdrawals by day from Jan 1 - Dec 31
</TRANS_DT> <wdamt></wdamt>
0.00
2010-09-01
6,500.00
FMV of TFSA @ Dec 31 of calendar year
<cye_fmv_amt></cye_fmv_amt>
6,000.00 0.00
Date of death
<TFSA_HLDR_DTH_DT>
2009-06-15 2009-06-15
FMV at time of death
<fmv_at_dthamt></fmv_at_dthamt>
5,700.00 5,700.00

Scenario 4: Account settles after year of death (successor holder exists).

John Smith born April 1, 1940, SIN 123 456 789, opened up a TFSA account #B-001-003 in 2009 and deposited $2,500 in January 2nd and February 10th. He passed away on June 15th, 2009 and Jane Smith, SIN 987 654 321, born Oct 1, 1945 is the successor holder. The FMV at time of death was $5,700. Due to delays in receiving full information on the successor holder, the TFSA plan did not get reregistered to Jane Smith until Sept 1, 2010. At 2009 year end, the FMV of the TFSA was $6,000. At 2010 year end, the FMV of the TFSA was $8,000.

Individual record filing for 2009 and 2010

Name of fields Reporting data for 2009 During 2010, an amendment is submitted
for the 2009 data reporting
Reporting Data for 2010
TFSA holder social insurance number 123456789 987654321 987654321
TFSA holder surname Smith Smith Smith
TFSA holder given name John Jane Jane
TFSA holder date of birth 1940-04-01 1945-10-01 1945-10-01
TFSA holder address Enter TFSA holder address Enter TFSA holder address Enter TFSA holder address
New TFSA account this year for this holder: (Y/N)
<tfsa_new_ctrct_ind></tfsa_new_ctrct_ind>
Y Y N
TFSA account closed this year: (Y/N)
<ctrct_trmnt_ind></ctrct_trmnt_ind>
N N N
Successor holder account: (Y/N)
<tfsa_scsr_ind></tfsa_scsr_ind>
N Y N
Name of deceased holder:
<DCES_TFSA_NM>
  Smith, John  
SIN of deceased holder:
<dces_tfsa_sin></dces_tfsa_sin>
  123456789  
TFSA Deceased holder date of death
<DCES_TFSA_DTH_DT>
  2009-06-15  
TFSA contract or account number:
<tfsa_ctrct_nbr></tfsa_ctrct_nbr>
B-001-003 B-001-003 B-001-003
Contributions by day from Jan 1- Dec 31
</TRANS_DT>
<cnamt></cnamt>
</TRANS_DT>
<cnamt></cnamt>

2009-01-02
2,500.00
2009-02-10
2500.00

2009-01-02
2,500.00
2009-02-10
2,500.00
 
FMV of TFSA @ Dec 31 of calendar year
<cye_fmv_amt></cye_fmv_amt>
6,000.00 6,000.00 8,000.00
Date of death
<TFSA_HLDR_DTH_DT>
2009-06-15    
FMV at time of death
<fmv_at_dthamt></fmv_at_dthamt>
5,700.00    
Date modified:

Associated documents