FAQ – Savings and investment – TFSAs

You can transfer funds from your TFSA savings to your everyday account on AccèsD.

1. Click on the Transfers button in the right-hand menu and then on Transfers between accounts.
2. Check From next to your TFSA Savings Account.
3. Check To next to the destination account.
4. Enter the transfer amount.
5. Click on Validate.
6. Then click on Confirm.

If you don't see a From button next to your TFSA Savings Account, please contact your caisse.

No, TFSAs are not included in family patrimony, because they are not part of a retirement plan. Although several people use TFSAs to save for retirement, the account was not designed for that purpose.

Up to date information is available on the CRA (Canada Revenue Agency). New forms, policies and guidelines are posted on the site as they become available.

No. As soon eligibility criteria are met, your contribution room begins accumulating each year, even if you earn no income.

Yes, your TFSA can be directly transferred to your ex-spouse tax-free under a court order or decree, or an agreement in written form. The transfer will not affect unused TFSA contribution room for either spouse. However, if you wish to recover your TFSA contribution room for the following year, you would be better off withdrawing the amount from your TFSA and making out a cheque to your ex-spouse.

No. Since TFSA withdrawals are not taxable, they cannot affect your eligibility for federal benefits and credit based on income, such as the Canada Child Tax Benefit (CCTB), the Working Income Tax Benefit (WITB), the Guaranteed Income Supplement (GIS) or the Goods and Services Tax credit.

Under government rules, only individual TFSA accounts are allowed. However, you can contribute the maximum to your TFSA, and give your spouse, or children who have reached the age of majority, money to contribute to their TFSAs, regardless of income splitting rules. In this way, you invest a lot more money in a tax shelter while benefiting your family, as the assets remain the legal property of your spouse or your children.

If your TFSA is transferred to your spouse by a will bequest or otherwise, all savings accumulated in your TFSA will be transferred to your spouse's TFSA without affecting his or her contribution room. These savings will continue to be tax-sheltered.

Until further notice, in Quebec, if your spouse is your heir, the income earned in the TFSA between the date of your death and the moment of the transfer will be paid to your spouse and will be taxable.

Unlike RRSP contribution room, your unused TFSA contribution is forfeited at your death. Your succession will not be able to contribute to your TFSA after your death for your spouse's benefit.

Since TFSA investment income and capital gains are tax-sheltered, capital loss sustained in your TFSA cannot be deducted to compensate for other taxable gains.

Yes. Since TFSA investment income and withdrawals are tax-free, your TFSA is an affordable way to maximize your savings to buy a home.

If you're planning to buy your first home, a smart move would be to withdraw funds you’ve accumulated in your TFSA and contribute them to an RRSP when your income is higher. The RRSP contribution will reduce your income taxes, and you’ll be able to use this money to make a down payment through the Home Buyers’ Plan (HBP). Remember that contributions must stay in your RRSP for at least 90 days before you can withdraw them for the HBP.

As long as you are not a resident, you may not make TFSA contributions and no contribution room accumulates. However, you may keep your TFSA. Your investment income and withdrawals will continue to be tax free in Canada. However, you may contribute your allowable annual maximum limit to your TFSA up to the day you cease to be a Canadian resident.

Yes. For example, you could have a TFSA at your caisse, with DS (Desjardins Securities) or with DFS (Desjardins Financial Security). The key is not to exceed the overall allowable annual contribution limit applicable to all the accounts held. For more information, see the TFSA beware of overcontributions(PDF, 198 KB) - This link will open in a new window..

No. While RRSPs have a contribution age limit, TFSAs do not.

If you earn BONUSDOLLARS® on your Desjardins credit card, you can use them to contribute to your TFSA.

Learn more about BONUSDOLLARS