While we cannot tell you who should be the beneficiary of your Tax-Free Savings Account (TFSA), we can provide information TFSA beneficiary designations.
TFSA beneficiaries may be named as designated beneficiaries or successor holders. A survivor (spouse or common-law partner) can be named as either a designated beneficiary or successor holder. A survivor named as a successor holder assumes ownership of the TFSA. See examples of how successor holder ownership works on the Canada Revenue Agency (CRA) website. If no beneficiary is named, the TFSA contents become part of the estate.
We are not able to provide advice, and the above information is general in nature. Other factors may affect your options for TFSA beneficiaries. Speak to a financial advisor or tax professional to understand the rules in your province, and to learn more about choosing a TFSA beneficiary. You can read information about the death of a TFSA holder on the CRA website.