Your investing questions, our clear answers.

Our response:

While we are not able to provide advice, we do try to provide general information to help you get started. For information specific to your investments and accounts, speak to a registered financial advisor.

The question you need to answer first is: are you planning to keep your investments in a Tax-Free Savings Account (TFSA)? If you want to take your current TFSA funds and move them to a non-registered investment account, you can withdraw the funds from your TFSA at any time.

However, if you want to move your current TFSA funds to a TFSA investment account, you must have the financial institution(s) handle the transfer directly between the TFSAs. This is to ensure that the funds are not considered “withdrawn” and “recontributed” in the same year, which would be considered an over-contribution and may be penalized.

Learn more about TFSA transfers from the Canada Revenue Agency.