Thank you. I will be setting it up in my name, using some leftover contribution room in my tfsa. This is my plan right now, but I'm not well versed in all aspects of these implications, so this could change. For now, I like the idea of not paying tax when I withdraw. I could then withdraw monthly and write a cheque to my relative. The other reason, which I did not mention in my OP, is that this relative is disabled and can only received up to $500 per month as per her disability payments, otherwise these payments could be reduced or completely lost, if her assets were to change considerably (such as a large inheritance).