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What is the difference between a TFSA withdrawal and a TFSA transfer?

April 26, 2017tfsa transfer withdrawal

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What is the difference between a TFSA withdrawal and a TFSA transfer?

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You can transfer funds from your Citibank TFSA to a non-TFSA (held at Citibank or at another financial institution) without having to complete any forms or incurring any fees. This would be considered a withdrawal from your TFSA and this amount will be added back to your contribution room in the following year. If you wish to move your Citibank TFSA to another financial institution, the other institution will give you a transfer form to complete and Citibank will charge you an administration fee.