CRA entertains discretionary extension of the TFSA rollover period

The s. 207.01(1) definition of “exempt contribution” sets out key requirements for the transfer of the TFSA of a deceased to a surviving spouse to occur on a rollover basis, including that the survivor’s contribution be made during the “rollover period” ending on December 31 of the calendar year following the year of death, or “at any later time that is acceptable to the Minister.”

CRA effectively confirmed that a Ministerial extension of the rollover period also extended the required period for the survivor to receive the payment from the deceased’s TFSA. CRA did not comment on when such discretion would be exercised, which was better than saying something like, it would only be exercised in “exceptional” circumstances.

Neal Armstrong. Summary of 11 October 2019 APFF Financial Strategies and Instruments Roundtable, Q.7 under s. 207.01(1) - “exempt contribution” – (b).