• Last Updated:
  • Dec 10th, 2018 1:38 pm
[OP]
Newbie
Dec 7, 2018
2 posts

Transferring TFSA

I want to transfer a regular TFSA from People's Trust to a GIC TFSA with Oaken. I've been putting in the max allowable each year. Can I transfer only the max allowable portion or everything currently in the TFSA (max allowable contribution plus interest earned over the years)?

Also, will I incur any charges from People's Trust for moving my TFSA account away from them to another financial institution?
2 replies
Moderator
User avatar
Sep 30, 2001
27218 posts
6211 upvotes
Toronto
You can transfer all of it in two ways:
Using a transfer form
https://www.oaken.com/wp-content/themes ... e-bank.pdf
This may incur a fee from the source institution. You'll have to contact them to find out how much.

Or you can withdraw all of it near the end of December then redeposit it all at the new institution on January 1. Imo this is the fastest (and free) method that I would use.
Don't talk about it, be about it
Deal Addict
Aug 5, 2006
3168 posts
997 upvotes
Global Village
Yup, if your TFSA is in a savings/chequing account just withdraw the entire amount this month and deposit it into the Oaken TFSA on or after Jan 1st.
Contribution room for 2019 goes up to $6K so you can add that too.
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