Hi Dawn,

Did you exceed your limit?

Let’s say you have $85,000 total TFSA room.

If you withdrew $40,000, you could recontribute that same amount this year since you still had $45,000 left. That would leave you with $5,000 more.

However, if you added any amount over that limit, you would have gone over and taxes would apply.

RS,

You’d need to have Wealthsimple make the transfer to avoid over contributions. That said, if you have more than enough contribution room, you could withdraw it and then open a Wealthsimple account and then deposit it again. Your TFSA can be used for many things. YOu can’t choose an interst rate unless you’re going to invest in a high interest savings account within your TFSA. Even then, the interest rate can change. You should think about what your goals are for the money and then invest accordingly.

Check this article for more info – https://www.moneywehave.com/what-is-a-tfsa/

Hi Barry,

I just opened a TFSA in CIBC by myself online, can I transfer that to wealth simple. what is the process? and will that be beneficial and which interest rate should I choose. As I am not aware of it so I just made TFSA account by me. and now wants to invest to make some money.

Sonia,

SOunds like they want you to sign that letter of indemnity as a way to let them off the hook. I wouldn’t sign it and would keep escalating the issue.

On a side note, is the money sitting in cash right now or is it still in the original investments? You’d have quite the case if you asked for the funds to be transferred 6 months ago but things sat while markets dropped.

Write to the ombudsman and keep escalating.

Hey Sonia,

So is your dad’s money still in his TD account or is it in limbo somewhere?

BMO should have requested a transfer in-kind or in-cash directly.

If the transfer was already initiated, I’m not sure how a letter of intent advising them to stop the transfer would help.

Sure it would technically go back, but if they can get that figured out, why can’t they just send it to BMO?

Hi Barry
The financial advisor has asked for my dad to sign a LOI requesting the transfer to stop going to the BMO abd them advised the money will go back into the td TFSA account .. does this sound correct?

Sonia,

That’s highly unusual. I would advise following up with BMO/TD every week and escalating as high as you can. Does anyone know where the money is stuck (I assume TD)? I would even contact TD’s Ombudsman.

Hi Barry
My parents are transferring their TFSA accounts to a different institution. My moms was transferred and everything was fine. My Dads left the original bank (td) but never arrived to the new account (BMO) it’s has been over 6 months? Has this ever happened? They are still waiting.