Well it’s past January 1 so if you’re 19 or over, you now have another $5500 of contribution room for your TFSA. If you’re using your TFSA as a handy emergency fund or a short-term savings fund at Tangerine, you may now want to contribute some more to your Tax-Free Savings account: here’s how.
This information applies if you already have a Tangerine TFSA Savings Account opened. If not, you need to apply to open a Tax-Free Savings Account first.
BE AWARE: Tangerine charges a $45 fee if you transfer your TFSA funds from Tangerine to another financial institution, as of January 2015.
Putting More Money Into your Tangerine Tax-Free Savings Account
- Sign in to your Tangerine bank account/s.
- From the list of choices on the left side of the screen, click on: Move my money
- Ensure the CAD block is darkened. If not, click on it to select it.
- In the Amount field, type in the amount you wish to contribute to your TFSA Savings Account.
- From the drop-down list in the From field, select the account from which you wish to take the money for your contribution.
- From the drop-down list in the To field, select your Tax-Free Savings Account.
- Click to select Now, Later or Ongoing.
- Read the following warning from Tangerine:
“Please confirm you’ve double checked your TFSA contribution limits for this year and you won’t exceed them. We don’t want you to owe the Tax Man next year! This means adding up all contributions you’ve made to Tax-Free Savings Accounts at Tangerine and your other Financial Institutions.”
Tangerine has no way of knowing whether you have already used up all of your contribution room. You MUST keep track of this yourself.
If you withdrew some money from any of your TFSAs this year, remember you can NOT put it back in until the following January 1. Withdrawal amounts are added to your contribution room for the NEXT year.
- If you know you have enough unused contribution room, click to check the box beside the warning.
- Click on the Next button.
Review and Confirm
- Carefully review the proposed transaction.
- If it looks correct, click on the Confirm button.
Complete and Sign Out
- Make a note of your confirmation number.
- If you funded your TFSA contribution
* from one of your Tangerine accounts, you will see the change as soon as you click on the Continue Banking button.
* from another bank, it may not show up for 2 business days.
- Click on the Log Me Out link.
- Clear your cache and close your browser session.
- You’re done!
Do you have some cash parked in a TFSA at Tangerine or another bank? Are you cheesed that Tangerine now charges a fee to transfer TFSA money out to other places? Please share your opinions with a comment.
Yes, we bank with Tangerine.ca among other places. If you open your first account ever with Tangerine (or ING Direct) using our Orange Key below, and deposit $100 before January 31, 2017, you and we will both get a cash bonus of $50 each. (Yes, they did extend the promotion for another few months!) All you have to do is enter the Orange Key 46470587S1 when you are opening your Account, and you’re set to go.
Just copy our Orange Key, then click on this Tangerine link to see the details and apply for an account. (Note: it only applies to people with no existing or previous accounts with Tangerine or ING Direct.)