Although an individual made a specific bequest under his will of his TFSA to his adult daughter, she executed a written renunciation of the bequest (that CRA went on to find was deemed by s. 248(9) to result in a “disclaimer” or a “release or surrender” for purposes of s. 248(8)(b),) so that following the TFSA's liquidation by the executor, the proceeds were instead transferred by the executor to the widow of the deceased – who then promptly contributed such proceeds to her own TFSA.
CRA found that, in light of 248(8)(b), such transfer to the widow as a result of the disclaimer qualified as a transfer of this TFSA to her “as a consequence” of his death. Thus, her contribution to her TFSA could qualify as an “exempt contribution” under the s. 207.01(1) definition of that term.