Transferring TFSA by selling and buying

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Feb 22nd, 2021 1:46 pm

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Feb 22nd, 2021 5:29 am

Mosho1 [OP]: Member; Dec 23, 2012; 328 posts; 329 upvotes; RICHMOND HILL

Feb 22nd, 2021 5:29 am

Transferring TFSA by selling and buying

Hi all, I have a small TFSA account with Questrade that I'd like to transfer to IB. To avoid the large fee, I was thinking of transferring the amount in first to the new account, then selling and buying near-simultaneously to stay exposed to the assets. but, I don't have the contribution room. If I do this in a matter of days, will I get hit by CRA?

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Feb 22nd, 2021 5:57 am

joshnet: Deal Addict; Jan 16, 2007; 1236 posts; 1317 upvotes

Feb 22nd, 2021 5:57 am

If you withdraw the money from the TFSA, then you can't put it back in until next year without exceeding your contribution limit.

🏦 Banking: Alterna Bank (1.2%, No fees), Motive Financial (1.55%, No fees)
📈 Investing: Scotia iTRADE (XGRO, No fee for buy/sell)
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Feb 22nd, 2021 1:46 pm

Mosho1 [OP]: Member; Dec 23, 2012; 328 posts; 329 upvotes; RICHMOND HILL

Feb 22nd, 2021 1:46 pm

Ah, that's definitely good to know... Thanks

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