Personal Finance

TFSA transfer question

  • Last Updated:
  • Jan 10th, 2019 3:11 pm
[OP]
Jr. Member
Dec 29, 2014
179 posts
61 upvotes
Toronto, ON

TFSA transfer question

I think I did something stupid. I transferred money from my Tangerine savings account to my TFSA savings account with the intention of then transferring money from my TFSA savings to a TFSA GIC.

I should have just directly transferred from savings to GIC. If I now transfer from TFSA savings to TFSA GIC, will it be considered a withdrawal?
10 replies
Deal Addict
Mar 8, 2013
2410 posts
1127 upvotes
No, you should be OK, as long as you don't withdraw from TFSA Savings, but instead fund the GIC from there when prompted. You can confirm this from the 'Contributions' button, before and after, under TFSA Savings.
[OP]
Jr. Member
Dec 29, 2014
179 posts
61 upvotes
Toronto, ON
But that's where I want to withdraw from to fund my TFSA GIC.
[OP]
Jr. Member
Dec 29, 2014
179 posts
61 upvotes
Toronto, ON
Ok thanks. I thought it would be considered a withdrawal.
Deal Addict
Mar 8, 2013
2410 posts
1127 upvotes
Striker60 wrote:
Jan 2nd, 2019 10:24 am
But that's where I want to withdraw from to fund my TFSA GIC.
Sorry, I wasn't clear using the word 'withdraw'. If you go to TFSA Savings now, it will show the 2019 Contribution and 0 Withdrawals. If then you through the steps to buy a TFSA GIC, eventually it asks you from where to fund? Specify TFSA Savings. Then go back and check the 'Contributions' button on both the TFSA and GIC. The first will be unchanged (ie your 2019 Contribution) and the second (your new GIC) will be 0 for both Contributions and Withdrawals
[OP]
Jr. Member
Dec 29, 2014
179 posts
61 upvotes
Toronto, ON
I understand what you meant now.

I made the transfer (funded my GIC from my TFSA savings) and now when I check the contribution for my TFSA savings, it shows $20,000 and $0 withdrawals. When I check the TFSA GIC, it shows the exact same thing. $20,000 contributions and $0 withdrawals. Is this normal?

edit: I think it's fine because both accounts show a TFSA Regular # and they're identical.
Deal Fanatic
User avatar
Feb 19, 2010
5941 posts
2647 upvotes
Striker60 wrote:
Jan 2nd, 2019 10:06 am
I think I did something stupid. I transferred money from my Tangerine savings account to my TFSA savings account with the intention of then transferring money from my TFSA savings to a TFSA GIC.

I should have just directly transferred from savings to GIC. If I now transfer from TFSA savings to TFSA GIC, will it be considered a withdrawal?
The TFSA is an umbrella. You can invest in several things under this umbrella, not unlike an RSP. Moving from one investment under your TFSA umbrella (TFSA Savings Account) to another investment under your TFSA umbrella (TFSA GIC), as you're trying to do, is NOT a contribution.

If you had moved the money from your TFSA Savings to your regular savings, moving to outside the "umbrella", and then to the TFSA GIC, back under the umbrella, then you've got a withdrawal and another contribution. That is to say, you're going to get wet. ;)
Deal Addict
Aug 5, 2006
4216 posts
1561 upvotes
Global Village
Like others have said, you're good. Would you be willing to share which TFSA GIC you picked? Need to make a similar decision soon.
All day I dream about sports
[OP]
Jr. Member
Dec 29, 2014
179 posts
61 upvotes
Toronto, ON
scoper wrote:
Jan 2nd, 2019 2:47 pm
Like others have said, you're good. Would you be willing to share which TFSA GIC you picked? Need to make a similar decision soon.
1 year @ 3%.
Deal Addict
Feb 6, 2018
1051 posts
758 upvotes
can you deposit an interac transfer directly to a Tangerine TFSA?

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