Personal Finance

TFSA - is this considered a contribution/withdrawal?

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  • Jul 4th, 2020 6:22 pm
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[OP]
Jr. Member
May 25, 2013
152 posts
21 upvotes

TFSA - is this considered a contribution/withdrawal?

If I transfer funds between my self direct CAD$ TFSA and USD$ TFSA in the same institution, does it counts as contribution and withdraw every time?
Last edited by MrDisco on Jul 4th, 2020 9:42 am, edited 1 time in total.
Reason: More detail in title
3 replies
Deal Addict
May 16, 2017
2364 posts
3086 upvotes
The transfer process should give you the answer.
Is it the same TSFA plan registration number for both accounts?
Can you do the transfer without degistering from one plan before depositing in the other?

If it is a transfer within the same registered plan then it should have NIL affect on anything.
Deal Fanatic
Jan 19, 2017
7439 posts
4339 upvotes
freshwater4ever wrote: If I transfer funds between my self direct CAD$ TFSA and USD$ TFSA in the same institution, does it counts as contribution and withdraw every time?
You can just ask the bank to do the transfer for you, instead of doing it yourself. That way it will be for sure no problem.
Deal Addict
User avatar
Sep 14, 2012
2372 posts
1767 upvotes
Montreal, QC
If you do it as a strict transfer where you don't withdraw the money or go into an intermediary account, it doesn't count against anything.

I do this regularly with both my TFSA in Tangerine and TD Canada Trust. For Tangerine, I will do a transfer/purchase of their TFSA Investment Funds with existing money in my TFSA Savings Account and it doesn't count against anything. Likewise when I do this at TD Canada Trust where I transfer money from my TFSA savings account to my TFSA mutual funds account.

With Tangerine, I do it myself online whereas with TD Canada Trust, they don't have the option of doing this online so I visit a branch to have this done.

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