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TFSA transfer to Tangerine
March 17, 2022
8:18 am
hwyc
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I initiated a partial TFSA transfer to Tangerine thru their online process. It asked for all the details and I even signed electronically to complete the submission. But when I went back to check later, it shows the request is *pending*. At this point, I talked to an agent & was told I needed also to submit form T2033 (download from CRA). This sounds weird. However, the agent is not able to show me a link regarding this process on Tangerine website.

Wondering if anyone here successfully completed a TFSA transfer to Tangerine recently ? Do I really have to mail in form T2033?

Found an old thread. Since my quest is specifically regarding Tangerine experience, I am starting new under the Tangerine forum here.

PS ... my transfer is from EQ bank, not one of the available banks on their menu

Thanks in advance

March 17, 2022
9:19 am
lifeonanisland
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I'm pretty sure this is standard for TFSA transfers. I recently switched to Tangerine for one of their targeted offers, but with my TFSA funds, I bypassed this by withdrawing the entire amount late in December, and then made the new deposit early in January. But I did have to sign and send the forms to transfer RSPs.

March 17, 2022
9:40 am
Bill
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March 17, 2022
12:27 pm
hwyc
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I got the same answer (T2033 req'd) when I DM Tang on Tweeter. I was about to back out and cancel my request. As I re-walked every step online, I come to a crossroad again where I can choose to download personalized form (for mail in) versus signing the request online digitally. Out of curiosity, I pick downloading a form, et voila, I found the path again.

In the header, it says TFSA Direct Transfer Form. In the footer, it says

This form replaces Form T2033 and should be used when requesting the transfer of funds under paragraph 146(16)(a) of the Income Tax Act (Canada). Used under license by Tangerine Bank, a member of Canada Deposit Insurance Corporation. * If you choose to transfer ALL funds in your existing TFSA in cash, all of your investments will be liquidated and converted to cash before they are sent to Tangerine. **If you choose to transfer only a portion of your TFSA, the investments you specify will be liquidated and converted to cash before they are sent to Tangerine.

Guess I'm good for now. Thanks.

March 22, 2022
3:10 pm
hwyc
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Tangerine is doing a good job tracking my transfer. I mailed back the signed form last Thursday. Today my status goes from "Awaiting Transfer Form" to "Awaiting Funds". To my delight, the transfer amount is earning base rate of 0.10% since the request is submitted. However, it will not be part of "eligible deposit" to earn promo rate until the funds actually arrived at Tangerine.

March 24, 2022
1:43 pm
hwyc
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The other side is also doing good tracking. EQ just sent me a email (with a reference #) acknowledging my TFSA transfer out request.

April 1, 2022
8:56 am
hwyc
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Just closing remarks.
EQ withdraw requested amount last Friday Mar 25.
EQ mailed out cheque to Tangerine.
Tangerine deposited my TFSA today Friday Apr 1st.

It is not a bad experience. Both Tangerine & EQ have good tracking process in place. The long wait during "cheque is in the mail" is a suspense - Murphy's law striked sf-yell ? Yet I probably will not do another transfer likely.

Hope this helps.

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