December – TFSA

December 1st, 2010 by Potato

Do you have cash/GICs in your TFSA? Wish it was stocks/bonds/mutual funds you were sheltering instead? This may be a good time to withdraw from your TFSA so you can recontribute in the new year.

You can of course transfer at any point during the year you want to, but many institutions charge more for a transfer than they do for a withdrawal, which makes this strategy useful in that way. PC Financial for example, charges $50 to transfer your money out to another TFSA, but you can make (at least, AFAIK) one free withdrawal per year.

Remember that you’ll get another $5000 of TFSA in the new year, so be ready to contribute (and potentially re-contribute) in January.

2 Responses to “December – TFSA”

  1. This and That: Happy Christmas edition | Canadian Capitalist Says:

    […] If you want to move your TFSA account from one institution to another without incurring transfer fees, be sure to check out the December shuffle. […]

  2. This and That: Happy Christmas edition | MoneySense Says:

    […] If you want to move your TFSA account from one institution to another without incurring transfer fees, be sure to check out the December shuffle. […]