How do I transfer money from one TFSA to another? [CAN]

If you have more than one TFSA, you can transfer funds between them without affecting your TFSA contribution room — as long as the transfer is done directly between the TFSAs. If you withdraw cash from one TFSA and contribute that amount to another TFSA, it will be considered a separate contribution – not a transfer.

Is there a fee to transfer TFSA?

You can generally expect to pay anywhere from $50 to $150 when transferring your TFSA between banks. Transfers from a Wealthsimple TFSA are free of charge.

What happens if I have 2 TFSA accounts?

You can set up multiple Tax-Free Savings Accounts (TFSAs), however, keep in mind that the annual TFSA contribution limit is a single contribution limit for an individual. If you set up multiple TFSAs, you cannot contribute more than your annual contribution limit to all of them combined.

Can I have 3 TFSA accounts?

You can have multiple TFSA accounts

You’re allowed to have multiple TFSAs with different financial institutions. However, you only have a single contribution limit. That means even if you have three different accounts, all of them will have a combined cap of $63,500 as of 2019.