Save with a CIBC Investor’s Edge TFSA

Additional benefits of a CIBC Investor’s Edge TFSA

  • You can withdraw money tax-free at any time, though some restrictions apply.
  • If you need to withdraw money, this amount is added on to your contribution room the following year, except if you withdrew to correct an over-contribution.
  • Unused contribution room can be carried forward to future years.

Contributions

  • Any Canadian resident 18 years of age* and older with a Social Insurance Number can open and contribute to a TFSA. Contribution room is based on the TFSA dollar limit and accumulates each year, even if you do not file an income tax return, and unused contribution room from previous years is carried forward.
  • TFSA contributions are not tax-deductible, but you won't pay tax on any income or growth earned within the account, even when you make a withdrawal.
  • With a CIBC Investor's Edge TFSA, you can invest in the same wide range of investment options that are permitted in a Registered Retirement Savings Plan (RRSP), including stocks, exchange-traded funds (ETFs), options, mutual funds, bonds and more. Plus you'll pay our flat fee of only $6.95 per online equity trade1.
  • To make TFSA contributions even easier, you can set up a Regular Investment Plan - you tell us how much and when, and we'll automatically debit your bank account.

How to make a contribution to a TFSA

  1. Ensure contribution room is available via communication with CRA website or your financial advisor or accountant. 
  2. Ensure funds are fully available in your deposit account. 
  3. Go to the Cash Transfers tab and ensure you select the right accounts to withdraw from and deposit to. 
  4. If account is unavailable please contact us to either add an account or check if additional documentation is required. 
  5. Enter the amount that you wish to deposit, enter your Trading Password and select “Next.”
  6. Check order status. Once completed, funds are available to trade. Funds will be transferred as a preauthorized debit at the end of the business day.

Withdrawals

  • You can withdraw funds from your TFSA at any time, for any reason. Unlike an RRSP withdrawal, you do not have to add the withdrawal amount to your income for tax purposes. Amounts withdrawn will be added back to your TFSA contribution room in the following calendar year (unless you withdrew to correct an over-contribution).
  • It's important to keep track of your contribution room to avoid over-contributing, especially if you're withdrawing frequently from your TFSA. The penalty from CRA for over-contributing is a 1% charge per month on the excess amount, until the over-contribution is withdrawn or you accumulate sufficient additional contribution room. You can look up your contribution room through My Account on CRA's website Opens in a new window..

How to make a withdrawal from a TFSA

  1. Ensure your funds are settled. It typically takes 1 to 2 business days to settle.
  2. Go to the Cash Transfers tab and ensure you select the right accounts to withdraw from and deposit to. 
  3. If account is unavailable please contact us to either add an account or check if additional documentation is required. 
  4. Enter the amount that you wish to withdraw, enter your Trading Password and select “Next.”
  5. Funds will then be deposited by the end of the business day.