Had a TFSA pay out (both the initial deposit + the interest at maturity) into a generic savings account at Tangerine, in mid Jan. 2020.

All of last year, this TFSA was maxed out (prior to it being in GIC). The CRA has my bank’s T5 statement, so it should have all the info 2019.

Now I logged into myCRA to check out the 2020 related stuff and notice that my TFSA limit is all of that 2019 account (which was maxed out) + the usual $6000 for 2020.

When the TFSA GIC matured and spit out all the cash into the generic savings account, it did not count as a normal withdrawal? Does this mean for 2020, the CRA info is correct in saying that my TFSA allowance is my lifetime maximum (thus far) ?

Would a GIC payout event (of original deposit + interest) fall under this TFSA definition of a “specified distribution”?
https://www.canada.ca/en/revenue-agency … cfddstrbtn

Statistics: Posted by Buggy166 — Apr 2nd, 2020 11:45 pm


* This article was originally published here