Tangerine TFSA & Self-directed TFSA

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Mar 9th, 2018 11:52 am

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Mar 8th, 2018 2:54 pm

JimboD [OP]: Sr. Member; Mar 4, 2008; 701 posts; 198 upvotes; BC

Mar 8th, 2018 2:54 pm

Tangerine TFSA & Self-directed TFSA

I have a standard TFSA with Tangerine. I also have the Self-directed TFSA Balanced Portfolio (INI220) and Equity Growth (INI240) investment fund accounts. If I transfer funds from the standard TFSA using the "Buy" option and "Move Money From" to INI220 or INI240, does this affect the contribution room?

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Mar 8th, 2018 6:05 pm

Conundrum1911: Sr. Member; Dec 21, 2007; 807 posts; 267 upvotes; Scarborough

Mar 8th, 2018 6:05 pm

From my understanding is if both are held at Tangerine, and you are essentially funding the investment TFSA with the cash TFSA, then it doesn't affect your room at all. If you transfer to another bank however (Tangerine to TD), then it would (unless you pay the bank to bank transfer fee to move TFSA sheltered money).

Considering the amount I moved in 2017 I would hope the above is 100% true...I did ask Tangerine twice and they said I was fine, and I don't see any red flags on the CRA site...

Sidenote, if you do it the way you have said, you won't see any details on contribution space used within the investment accounts...all mine for 2017 read as $0.00, since I essentially moved money to the cash TFSA side, then used that one to fund the investment one, both with Tangerine.

I am the Stig's brother's cousin's friend's former roommate.

+1

Mar 9th, 2018 1:07 am

JimboD [OP]: Sr. Member; Mar 4, 2008; 701 posts; 198 upvotes; BC

Mar 9th, 2018 1:07 am

Conundrum1911 wrote: ↑ From my understanding is if both are held at Tangerine, and you are essentially funding the investment TFSA with the cash TFSA, then it doesn't affect your room at all. If you transfer to another bank however (Tangerine to TD), then it would (unless you pay the bank to bank transfer fee to move TFSA sheltered money).

Considering the amount I moved in 2017 I would hope the above is 100% true...I did ask Tangerine twice and they said I was fine, and I don't see any red flags on the CRA site...

Sidenote, if you do it the way you have said, you won't see any details on contribution space used within the investment accounts...all mine for 2017 read as $0.00, since I essentially moved money to the cash TFSA side, then used that one to fund the investment one, both with Tangerine.

Thanks! I did ask two different reps on Tangerine. Even though I still posted to ask on here, I just didn't want to rely on those 2 and be screwed over because they gave me false information.

Mar 9th, 2018 10:17 am

afiglee: Sr. Member; Feb 7, 2012; 639 posts; 148 upvotes; SCARBOROUGH

Mar 9th, 2018 10:17 am

If you transfer between Tangerine TFSA accounts (saving, GIC, investment) or Tangerine RRSP accounts for that matter, it does not count as contribution or withdrawal. I have done it multiple times over the years with no issues.

If you transfer between Tangerine checking account and any form of TFSA/RRSP, it is a different story.

+1

Mar 9th, 2018 11:52 am

Conundrum1911: Sr. Member; Dec 21, 2007; 807 posts; 267 upvotes; Scarborough

Mar 9th, 2018 11:52 am

It does suck a bit though that there is no way to do this between banks for free...as in, use a Tangerine TFSA Savings account to fund a TD Direct Investing (TFSA) account. My understanding is doing that will trigger things, unless you fill out the forms and pay the fee to do a TFSA bank to bank transfer (so into a TD TFSA Savings account first, then TD DI TFSA after).

Basically means if at some point I go the ETF route vs Tangerine's funds, I'll pretty much need to migrate the whole cash/savings TFSA over to TD as well, even though Tangerine would give a better daily interest rate for anything held in that account.

I am the Stig's brother's cousin's friend's former roommate.

+1

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