At the time of Roberto's death in January of this year, the fair market value of the assets in his TFSA was $25,300. Though he is married, he named his two sons Hector age 28 and Enrique 34 as beneficiaries. Both boys are medical doctors and earned substantial incomes, so they felt that their mom would have been a better choice. By the time the TFSA got paid out to the two boys, its value had skyrocketed to $68,000 thanks to Gamestop, Apple and Amazon.

What would be the tax consequences to Roberto?

What would be the tax consequences to the two boys?

What would have been the tax consequences had he named his spouse as successor?

Answer rating: 100% (QA)

Tax Consequences Roberto Since Roberto passed away in the year of the payout 20... View the full answer