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Email this10:32 am
February 20, 2013
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If Huberts GIC rates do not improve I am considering transferring my TFSA funds out. Upon reviewing my account, I should have been more mindful of when I purchased the 1 year GIC in order to be in a good position to transfer out in December if I choose to do so.
My lesson learned today: Buy 1 year GIC in Mar, June, Sept or December for
quarters ending in December. And buy later in the month vs beginning of the month.
11:10 am
December 29, 2021
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Why the manoeuvre???
Hubert has a NO FEE TFSA transfer out option.
11:30 am
February 7, 2019
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frugal lady said
If Huberts GIC rates do not improve I am considering transferring my TFSA funds out. Upon reviewing my account, I should have been more mindful of when I purchased the 1 year GIC in order to be in a good position to transfer out in December if I choose to do so.My lesson learned today: Buy 1 year GIC in Mar, June, Sept or December for
quarters ending in December. And buy later in the month vs beginning of the month.
Not sure I understand your concern
| CGO |
12:50 pm
December 29, 2021
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Right now...knowing does not matter.
Lose a few bucks on the cashable Hubert 1 year GIC and move it to say......PT for a 5 year at 4.15%. OR wait and set a target when to move...ie 6.5 - 7%. Hubert rates are not that good nor are Accelerates, perhaps due to the merger that no one is looking forward to.
4:46 pm
February 20, 2013
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blake said
Why the manoeuvre???Hubert has a NO FEE TFSA transfer out option.
To avoid the paper work and the time it takes for 2 FI's to handle the paperwork.
cgouimet said
Not sure I understand your concern
1. So you can redeem GIC at end of a quarter closest to year end for full interest
2. To minimize number of days funds sitting in TFSA at lower interest rate
ie buy in Jan, Apr, or July quarters end in October
5:49 pm
February 7, 2019
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frugal lady said
To avoid the paper work and the time it takes for 2 FI's to handle the paperwork.
cgouimet said
Not sure I understand your concern
1. So you can redeem GIC at end of a quarter closest to year end for full interest
2. To minimize number of days funds sitting in TFSA at lower interest rate
ie buy in Jan, Apr, or July quarters end in October
Still don't understand your October thing. TFSA transfers can take place anytime.
| CGO |
11:11 pm
November 18, 2017
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My experience has led me to start my near-end-of-year transfers (not out-and-in maneuvers) at the START of December, not the end... because they can take so long! Peoples Trust, though, once kindly back-dated a transfer after Tangerine took over three weeks to complete.
RetirEd
RetirEd
8:15 am
February 20, 2013
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RetirEd said
My experience has led me to start my near-end-of-year transfers (not out-and-in maneuvers) at the START of December, not the end... because they can take so long! Peoples Trust, though, once kindly back-dated a transfer after Tangerine took over three weeks to complete.
RetirEd
And that is the reason I prefer the "December maneuver" over an actual "transfer".
So simple to pull out funds at year end when you want (I have done on Dec 29) and redeposit in the new year at new FI along with your new contribution.
9:09 am
January 13, 2022
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frugal lady said
And that is the reason I prefer the "December maneuver" over an actual "transfer".
So simple to pull out funds at year end when you want (I have done on Dec 29) and redeposit in the new year at new FI along with your new contribution.
Yep, love the December maneuver...a fantastic way to do wholesale transfers of TFSA funds without incurring any penalties, down time, etc. If only you could do it with RRSPs.
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