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!
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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.
I was thinking of transferring my TFSA account at Tangerine to People’s Trust because of the higher interest there. The fee Tangerine is going to start charging for transferring was just the nudge I needed. I’ve closed my Tangerine TFSA at the end of last year and now filling out the on-line form to open TFSA at People’s Trust. Thanks, Tangerine (or should I say: “Thanks, BNS”)! Still keeping my chequing account at Tangerine though (at least until they start charging some silly fee on it too).
Yes, I can understand why you might want to move if you’re keeping your TFSA funds in a cash savings account. Tangerine is offering an annual interest rate of 2.5% but only till March 31 and only on new contributions above the previous year’s holdings in the TFSA Savings Account. I have seen better rates at several credit unions although I don’t know how long those rates will apply.
I’m glad to hear you withdrew your contributions in 2014 so you could put them back in as of January 1 2015. That way there was no transfer fee and no problem with over-contributing.
If people like “Couch Potato” investing but only have a small amount to invest, Tangerine’s balanced funds still provide a good choice for a TFSA, according to the Canadian Couch Potato website. For those investors, making a contribution to the Tangerine Savings Account and then shifting it into the Balanced Funds when they are ready might be a good choice.
I have a Savings Account, a US dollar savings account, and a Chequing Account at Tangerine and I like them. I have also had a TFSA in the past, and I still have a RRSP with a long-term GIC in it.
That’s my emergency fund. So it’s strictly in cash. Savings for long term goals, retirement and kid’s education are at TD Waterhouse (TFSAs, RRSPs and RESPs).
I did invest into an ING Balanced Fund when they just become available and I agree completely that they’re good for smaller portfolios or for someone who wants the simplicity of a one fund portfolio.
Thanks for sharing your plan!