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What happens to my tax-free savings account when I die?

The proceeds of a tax-free savings account (the deposits and all returns earned prior to death), will form part of “property” as defined in the Estate Duty Act.

This means that following the death of the holder of a TFSA, Estate Duty will be levied on this amount. 

This article by Personal Finance explains how estate duty affects TFSA's in Tax-free Savings accounts: What you should know. Scroll down in the article to point 7. titled "One tax you will pay".

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