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Transferring Funds Between Accounts | Frequently Asked Questions

Learn about the frequently asked questions about Transfer Funds

Can I transfer funds from a RRSP to a TFSA?

No, you can't transfer funds directly from a RRSP to a TFSA. This process requires two separate requests:

  1. Withdraw from the RRSP: Submit a request to withdraw funds from the client's RRSP to their Cash Account. Read this article for more information and step-by-step instructions.
  2. Contribute to the TFSA: Once the withdrawal is complete and the funds are available in the client's Cash Account, submit a second request to contribute these funds to the client's TFSA from their Cash Account. Read this article for more information and step-by-step instructions.

Before Submitting:

Review the below guides to understand the tax implications and contribution limits of submitting these requests:

Can I transfer funds from a LIF to a TFSA?

No, you cannot transfer funds directly from a LIF to a TFSA. This process requires two separate requests:

  1. Withdraw from the LIF: Submit a request to withdraw funds from the client’s LIF into their Cash Account. Read this article for more information and step-by-step instructions.
  2. Contribute to the TFSA: Once the withdrawal is complete and the funds are available in the client’s Cash Account, submit a second request to contribute these funds to the client’s TFSA. Read this article for more information and step-by-step instructions.

Before Submitting:

Review the below guide(s) to understand the implications of submitting these requests:

  • Learn more about the tax implications of a LIF withdrawal.
  • Learn more about TFSA contribution limits.

Can I transfer funds from a RLIF to a TFSA?

No, you cannot transfer funds directly from a RLIF to a TFSA. This process requires two separate requests:

  1. Withdraw from the RLIF: Submit a request to withdraw funds from the client’s RLIF into their Cash Account. Read this article for more information and step-by-step instructions.
  2. Contribute to the TFSA: Once the withdrawal is complete and the funds are available in the client’s Cash Account, submit a second request to contribute these funds to the client’s TFSA. Read this article for more information and step-by-step instructions.

Before Submitting:

Review the below guide(s) to understand the implications of submitting these requests:

  • Learn more about the tax implications of a RLIF withdrawal.
  • Learn more about TFSA contribution limits.

Can I transfer funds from a PRIF to a TFSA?

No, you cannot transfer funds directly from a PRIF to a TFSA. This process requires two separate requests:

  1. Withdraw from the PRIF: Submit a request to withdraw funds from the client’s PRIF into their Cash Account. Read this article for more information and step-by-step instructions.
  2. Contribute to the TFSA: Once the withdrawal is complete and the funds are available in the client’s Cash Account, submit a second request to contribute these funds to the client’s TFSA. Read this article for more information and step-by-step instructions.

Before Submitting:

Review the below guide(s) to understand the implications of submitting these requests:

  • Learn more about the tax implications of a PRIF withdrawal.
  • Learn more about TFSA contribution limits.

Can I transfer funds from a Spousal RIF to a TFSA?

No, you cannot transfer funds directly from a Spousal RIF to a TFSA. This process requires two separate requests:

  1. Withdraw from the Spousal RIF: Submit a request to withdraw funds from the client’s Spousal RIF into their Cash Account. Read this article for more information and step-by-step instructions.
  2. Contribute to the TFSA: Once the withdrawal is complete and the funds are available in the client’s Cash Account, submit a second request to contribute these funds to the client’s TFSA. Read this article for more information and step-by-step instructions.

Before Submitting:

Review the below guide(s) to understand the implications of submitting these requests:

  • Learn more about the tax implications of a Spousal RIF withdrawal.
  • Learn more about TFSA contribution limits.

Can I transfer funds from a RIF to a Joint Account?

No, you cannot transfer funds directly from a RIF to a Joint Account. This process requires two separate requests:

  1. Withdraw from the RIF: Submit a request to withdraw funds from the client’s RIF into their Cash Account. Read this article for more information and step-by-step instructions.
  2. Transfer to the Joint Account: Once the withdrawal is complete, submit a third-party transfer request to move the funds from the client’s Cash Account to the Joint Account. Read this article for more information and step-by-step instructions.

Before Submitting:

Review the below guide(s) to understand the implications of submitting these requests:

  • Learn more about the tax implications of a RIF withdrawal.

Can I transfer funds from an RRSP to a Entity Account?

No, you cannot transfer funds directly from an RRSP to a Entity Account. This process requires two separate requests:

  1. Withdraw from the RRSP: Submit a request to withdraw funds from the client’s RRSP into their Cash Account. Read this article for more information and step-by-step instructions.
  2. Transfer to the Entity Account: Once the withdrawal is complete, submit a third-party transfer request to move the funds from the client’s Cash Account to the Entity Account. Read this article for more information and step-by-step instructions.

Before Submitting:

Review the below guide to understand the implications of submitting these requests:

  • Learn more about the tax implications of a RRSP withdrawal.

Can I transfer funds from a TFSA to a Joint Account?

No, you cannot transfer funds directly from a TFSA to a Joint Account. This process requires two separate requests:

  1. Withdraw from the TFSA: Submit a request to withdraw funds from the client’s TFSA into their Cash Account. Read this article for more information and step-by-step instructions.
  2. Third-Party Transfer to the Joint Account: Once the withdrawal is complete, submit a third-party transfer request to move the funds from the client’s Cash Account to the Joint Account. Read this article for more information and step-by-step instructions.

Before Submitting:

Review the below guide(s) to understand the implications of submitting these requests:

  • Learn more about TFSA contribution limits.

Can I transfer funds from a TFSA to a Entity Account?

No, you cannot transfer funds directly from a TFSA to a Entity Account. This process requires two separate requests:

  1. Withdraw from the TFSA: Submit a request to withdraw funds from the client’s TFSA into their Cash Account. Read this article for more information and step-by-step instructions.
  2. Transfer to the Entity Account: Once the withdrawal is complete, submit a third-party transfer request to move the funds from the client’s Cash Account to the Entity Account. Read this article for more information and step-by-step instructions.

Before Submitting:

Review the below guide(s) to understand the implications of submitting these requests:

  • Learn more about TFSA contribution limits.

Can I transfer funds from a Cash Account to a Corporate Account?

Yes, this is a third-party transfer. Submit a request to transfer funds from the client’s Cash Account to the Corporate Account. Read this article for more information.

Can I transfer funds from a Corporate Account to a Cash Account?

Yes, this is a third-party transfer. Submit a request to transfer funds from the client’s Corporate Account to their Cash Account. Read this article for more information. 

Can I transfer funds from a Cash Account to a Joint Account?

Yes, this is a third-party transfer. Submit a request to transfer funds from the client’s Cash Account to their Joint Account. Read this article for more information.

Can I transfer funds from a Joint Account to a Cash Account?

Yes, this is a third-party transfer. Submit a request to transfer funds from the client’s Joint Account to their Cash Account. Read this article for more information.

Can I transfer funds from a Corporate Account to a Joint Account?

Yes, this is a third-party transfer. Submit a request to transfer funds from the client’s Corporate Account to their Joint Account. Read this article for more information.

Can I transfer funds from a Joint Account to a Corporate Account?

Yes, this is a third-party transfer. Submit a request to transfer funds from the client’s Joint Account to their Corporate Account. Read this article for more information.