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Legal Ease
Legal Ease, Lawyer
Category: Canada Family Law
Satisfied Customers: 99960
Experience:  I am a practicing lawyer and have also been an online professional for 5 years.
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I have money in a TFSA that is inherited money. I am wondering

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I have money in a TFSA that is inherited money. I am wondering if I move it to an investment account and my husband and I do seperate will that be considered shared money? I put it into the bank using our joint account then set up the TFSA but have been told to move it to an investment account but I don't want to blend it with other investment accounts in case they get affected as well. Please let me know how this division of assets works is it from the date of seperation anything that is in a registered account or assets is split?
Submitted: 2 years ago.
Category: Canada Family Law
Expert:  Legal Ease replied 2 years ago.
If you inherited money you have to keep it separate or else it may no longer be exempt from sharing. So you must put it into an investment account that is separate from all other assets. There is no reason why you cannot have more than one investment account and so you should in a case like this. The value of all assets acquired during the marriage are shared aside from gifts and inheritances. And income from inheritances would be shared unless the Will says otherwise. A standard Will done by a lawyer would have the correct provisions in it. But a gift or inheritance must be kept separate. However you can trace the money. So if you buy some jewelry with the money, just by way of example, then it would not be shared. So you have to keep it separate and have to be able to trace it if you use it.

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