USD holdings in TFSA | Page 2 | Investing | Discussion forum

Please consider registering
guest
sp_LogInOut Log Insp_Registration Register
Register | Lost password?
sp_Search Search
Advanced Search
Advanced Search
Forum Scope


Match



Forum Options



Minimum search word length is 3 characters - maximum search word length is 84 characters
sp_Search Search
Go to Bottom
Page: 12Jump to page
sp_Feed Topic RSSsp_TopicIcon
USD holdings in TFSA
July 16, 2024
7:44 am
AltaRed
BC Interior
Member
Members
Forum Posts: 3650
Member Since:
October 27, 2013
sp_UserOfflineSmall Offline
Go to Top
21sp_Permalink sp_Print

qzjxk said

The simple answer is no. The US$ put in will be considered a contribution; so you better have contribution room. The CDN$ pulled out will be considered a withdrawal. A withdrawal from a TFSA will increase your contribution room next year. A withdrawal from RRSP/RRIF will be taxed. If you are transferring in securities you will taxed on possible capital gains.  

Agreed. The exchange must be made within the registered account itself.

July 16, 2024
9:45 am
Norman1
Member
Members
Forum Posts: 7990
Member Since:
April 6, 2013
sp_UserOnlineSmall Online
Go to Top
22sp_EditHistory sp_Permalink sp_Print

There's now a 100% tax on such swap transactions between registered and non-registered accounts because some people were abusing them.

The tax on swap transactions was applied to TFSA's in October 2009 and later to RRSP's and RRIF's in 2011:

Taxtips.ca: RRSP, RRIF, TFSA, RDSP and RESP Asset Transfer (Swap) Transactions

Page: 12Jump to page
sp_Feed All RSS
Go to top

Please write your comments in the forum.