Your Money, Your Legacy: Mastering RIFs, TFSAs, and Estate Planning (Q&A Part 1) (Ep. 58)

In every episode of Your Life and Money, hosts Brad Smith and Tim Borody share expert advice to help you get the best life possible with the money you have. This episode is a must-listen as they kick off a two-part series answering the most common and critical financial questions of the year.The Tax Tangle: RIFs, TFSAs, and How to Protect Your WealthUnderstanding the RIF Risk: Learn why the money in your Registered Retirement Income Fund (RIF) is taxed as income in the year of death and how that liability can reach Canada's highest marginal tax bracket (up to 54%).Choosing the Right Beneficiary: Explore the options for naming beneficiaries—from spousal rollover to naming children or a charity—and the specific tax implications for your estate in each scenario.The Power of Successor Holders: Discover the critical difference between naming a beneficiary and a successor holder on a Tax-Free Savings Account (TFSA) and how the latter is key to preserving the tax-free status for your surviving spouse.Whether you are accumulating wealth or distributing it, the decisions you make today on your registered accounts will define the value of your legacy—tune in to ensure your wealth plan is perfectly aligned with your life and priorities.