REVscene Automotive Forum - View Single Post - anyone signed up for the PC tax free acount?

johny · 01-27-2009, 08:43 PM

I wonder what the process is for moving money from a tax free acount to another bank? I guess it would be simular to an RRSPs. (but I don't know how that works)

I guess if you set up a TFSA an another bank, and transfer acount to acount it would be ok. you can't withdraw the money though and then deposit in the other acount, as the $5000 limit has already been used up. (asumming your had 5k in it)

I beleive if you withdraw money, the space does free up, but not untill the following year. IE I can deposit $5k in Jan. withdraw in march. My 5K for the year is used up, but The following year I regain that space, and can put in 10k. (the freed up space from this year + the extra 5k for next year)

I think that's how the TFSA works. I don't know how RRSP's work in this requard. if I withdraw from an RRSP, do I regain that RRSP contribution space in the future? or is it gone forever?

01-27-2009, 08:43 PM	#24
johny HELP ME PLS!!! Join Date: Jan 2004 Location: here Posts: 5,793 Thanked 146 Times in 67 Posts Failed 208 Times in 42 Posts	I wonder what the process is for moving money from a tax free acount to another bank? I guess it would be simular to an RRSPs. (but I don't know how that works) I guess if you set up a TFSA an another bank, and transfer acount to acount it would be ok. you can't withdraw the money though and then deposit in the other acount, as the $5000 limit has already been used up. (asumming your had 5k in it) I beleive if you withdraw money, the space does free up, but not untill the following year. IE I can deposit $5k in Jan. withdraw in march. My 5K for the year is used up, but The following year I regain that space, and can put in 10k. (the freed up space from this year + the extra 5k for next year) I think that's how the TFSA works. I don't know how RRSP's work in this requard. if I withdraw from an RRSP, do I regain that RRSP contribution space in the future? or is it gone forever? Last edited by johny; 01-27-2009 at 08:48 PM.