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Email this9:26 am
December 27, 2020
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I currently have a TFSA Savings Account and a TFSA GIC with the same Institution. The TFSA GIC is about to mature with directions to roll the money over to my TFSA Savings.
I assume however that I can instead create a new TFSA GIC (with the same institution) and transfer in the full amount without it being considered a withdrawl. Is my assumption correct?
10:09 am
November 7, 2014
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In a word, yes.
It doesn't matter whether you let the GIC mature into your TFSA or roll it into a new one. Your funds are being held in your own designated tax free area within the FI.
10:11 am
August 29, 2023
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I assume however that I can instead create a new TFSA GIC (with the same institution) and transfer in the full amount without it being considered a withdrawl. Is my assumption correct?
Transfer to another FI? Is best and easiest when from your cash in TFSA savings.
Transfer to another FI can be done when you provide the maturity date of a maturing TFSA GIC. I only request a transfer 3-4 weeks in advance of a maturity.
Don’t cash a TFSA into your non registered savings. That’s another issue to review.
You cannot transfer a TFSA GIC that is in the middle of the term. Sometimes called an “in-kind” transfer, if the issuer will comply.
12:08 pm
April 2, 2018
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As long as you are at the same FI closing one TFSA GIC and opening another TFSA GIC is not considering 'withdrawal' AS LONG as funds stay with TFSA accounts.
Meaning, when closing TFSA GIC funds are deposited to TFSA savings account and then you open new TFSA GIC and transfer from TFSA savings to that one.
Regular practice at Hubert otherwise funds could not be able to take advantage of better rate (3-months cash-out period).
BUT! IF you transfer TFSA GIC to plan savings account that is considered withdrawal for current year.
6:21 pm
December 27, 2020
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gicjunkie said
In a word, yes.
It doesn't matter whether you let the GIC mature into your TFSA or roll it into a new one. Your funds are being held in your own designated tax free area within the FI.
Thankyou.... just wanted to make sure.
6:42 pm
February 7, 2019
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Kirk said
Thankyou.... just wanted to make sure.
Your various TFSA accounts (e.g. HISA, GIC) at one FI all are part of the one TFSA Contract.
| CGO |
4:45 am
January 9, 2011
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cgouimet said
Your various TFSA accounts (e.g. HISA, GIC) at one FI all are part of the one TFSA Contract.
Yes, and to add another bit of information.
If for example you have made your spouse the successor holder of your TFSA, that will apply to all types of products held within it. I mention it because its the opposite outside a TFSA, where each GIC bought from a joint savings account with your spouse has to be individually made into a joint GIC, and some (EQ) banks don't even offer joint GICs.
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