# Saving up RRSP money in TFSA until February



## Loon (Apr 12, 2012)

For years now I make regular payments of about 1000 per month into my RRSP, but I have 15K of room in my TFSA. Would it be wise to redirect the 1000/month into my by TFSA trickling into an index mutual fund, then in February take it out and put it in my RRSP? It would seem to offer the following advantages:

1. Any growth until Feb would be tax free.
2. The accumulating money is more accessible throughout the year for emergencies. 
3. I defer deciding how much my RRSP needs until Feb

I don't anticipate filling my TFSA in the next few years, especially if the room keeps growing. Also I can add to my wife's TFSA if necessary. 

I see point #1 being contentious since in a bad year I would actually lose TFSA room if I took the money out at a loss. 

Would making this change offer a significant advantage? Does anyone here do this?


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## Spudd (Oct 11, 2011)

For point #1, the growth until Feb is also tax free if you put it in your RRSP throughout the year as it comes in, so I don't see that as an advantage. 

For point #2, do you have an emergency fund, or sufficient float to cover emergencies in your budget? If yes, then I don't think point #2 adds much either.

Why would you want to defer deciding how much your RRSP needs until Feb? You know your contribution limit as soon as you get your tax return back, so I see no purpose in this. 

So basically, I don't see any advantage at all, and I've never considered it. If you anticipate being at a higher income level later in your career, it would probably make sense to focus on maxing your TFSA now and do the RRSP later (like, years later, not in Feb).


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## Loon (Apr 12, 2012)

Spudd said:


> For point #1, the growth until Feb is also tax free if you put it in your RRSP throughout the year as it comes in, so I don't see that as an advantage.


It's not tax free in my RRSP. I pay when I take it out. 

If I stick 1000 in my RRSP in march and it grows to 2000 by Feb then I will owe tax on the 1000 of growth whether I take it out in Feb or 20 years from now.

If I stick 1000 in my TFSA in march and it grows to 2000 by Feb then the gain of 1000 is tax free.


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## Spudd (Oct 11, 2011)

Well, that's true. But your marginal tax rate should be lower when you take it out.


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## Canadian (Sep 19, 2013)

Loon said:


> It's not tax free in my RRSP. I pay when I take it out.


Then why not max out your TFSA and use it for tax-free growth over the long term? If you're considering the tax implications at the time of withdrawal then you should be taking advantage of the remaining contribution room in your TFSA. The contribution limit increases only $5,000 (or $5,500) annually so if you're able to save $1,000 monthly you should be able to max out your TFSA and still stay on track with your RRSP.

Another alternative - to build off the idea of maxing your TFSA - is to invest, within that account, in quality dividend-paying stocks. You could let the cash dividends accumulate and withdrawal them at the end of the year, then contribute it to your RRSP.


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## Loon (Apr 12, 2012)

My situation is such that I need to almost max out my RRSP each year to get down to a comfortable tax rate. Given the size of RRSP contribution and my other expenses, there will be at most 5K left over for TFSA. Since I already have enough TFSA room to hold a full year of RRSP contributions I thought this might be a good move. Assuming I saw growth by Feb I could leave the growth from each year in the TFSA.


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## Eclectic12 (Oct 20, 2010)

Loon said:


> .... 2. The accumulating money is more accessible throughout the year for emergencies.
> 3. I defer deciding how much my RRSP needs until Feb ...
> 
> I see point #1 being contentious since in a bad year I would actually lose TFSA room if I took the money out at a loss.
> ...


Unless you've put some of the TFSA contributions into something less volatile than an index fund, you have the same risk for point #2 as you've mentioned for point #1.


Also - will there be extra costs and/or risks?

Is there a fee to turn the index fund into cash? 
Usually there is one of you plan to transfer the index fund directly into the RRSP.


Cheers


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## the-royal-mail (Dec 11, 2009)

I think it's a good idea. Either way the money is in a registered account, so growth is tax sheltered and when you move the money from TFSA to RRSP you can expect a nice "refund" cheque.


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## Eclectic12 (Oct 20, 2010)

Loon said:


> ... Since I already have enough TFSA room to hold a full year of RRSP contributions I thought this might be a good move. Assuming I saw growth by Feb I could leave the growth from each year in the TFSA.





the-royal-mail said:


> I think it's a good idea.
> Either way the money is in a registered account, so growth is tax sheltered and when you move the money from TFSA to RRSP you can expect a nice "refund" cheque.


Where the index fund grows - it's all good.

The question in my mind is for a situation where the index fund has dropped 10% - is it worth destroying one's TFSA contribution room by withdrawing it to contribute to the TFSA?
Once the withdrawal at a reduced value is made - growth within the TFSA is the only way to replace the TFSA contribution room. The next year's allotment will add more room but is not the same as investments in the TFSA rebounding or growing.


Cheers


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## Xoron (Jun 22, 2010)

Loon said:


> 3. I defer deciding how much my RRSP needs until Feb


Even if this is a good idea (not sure that it is) you can only do this every other year.

The money you withdraw from your TFSA account in Feb, can't be replaced until the next calendar year (Jan of the next year) due to the TFSA contribution / withdrawal rules. Otherwise you'll end up paying huge penalties on over contributing. 

http://www.taxtips.ca/tfsa/overcontributions.htm


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## Eclectic12 (Oct 20, 2010)

Good point ... the main way around it would be to withdraw in late Dec so that the next batch can be contributed to the TFSA in Jan.

At that point, assuming the decision has been made as to how much should go into the RRSP - the RRSP contribution should be made. The longer the RRSP contribution is outside the TFSA, there will likely be taxes to pay on whatever it returns.


Cheers


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## Loon (Apr 12, 2012)

Eclectic12 said:


> Where the index fund grows - it's all good.


I just picked index because I'm mostly an index investor. It can go down during the same period in RRSP and then I destroy room there. Any investment will have down years, but I guess I'm wondering if you do this every year does it offer any significant advantage in the long run. 



Xoron said:


> The money you withdraw from your TFSA account in Feb, can't be replaced until the next calendar year (Jan of the next year) due to the TFSA contribution / withdrawal rules. Otherwise you'll end up paying huge penalties on over contributing.


Excellent point. I can shift this to Jan-Dec and I still make the RRSP decision in Dec with complete income information for the year. It's better than locking up money in the RRSP in March when I could lose my job or any other number of things could happen.


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## Eclectic12 (Oct 20, 2010)

Loon said:


> I just picked index because I'm mostly an index investor ...


Fair enough ... though I'd personally be looking at some sort of hybrid mix to smooth out the any possible dips. 
The goal is to have 100% or better available in a short time for withdrawal from TFSA and contribution to the RRSP.




Loon said:


> ... It can go down during the same period in RRSP and then I destroy room there ...


Possibly ... if one sells or the investment never recovers.

Bear in mind that it's *already* in the RRSP so there's no need to sell or make a withdrawal so this RRSP "loss" may not end up destroying RRSP room.

The TFSA funds which are intended to fund the RRSP, on the other hand, have a short time in the TFSA so there's little room to maneuver if they are down. If the index tanks in the summer - there's only half the year of contributions to buy at the lower level and if it hasn't recovered by the Dec withdrawal, the first six months of losses will be locked in.

So which do you think is more likely to end up with a loss that destroys contribution room on average?

The RRSP that may have fifteen years to recover before the withdrawals start or the TFSA which has forced withdrawals locking in losses every year?




Loon said:


> ... Any investment will have down years, but I guess I'm wondering if you do this every year does it offer any significant advantage in the long run ...


The main way I see it as an advantage is when the TFSA withdrawal date results in a sale/withdrawal when the investment is up. The challenge is in figuring out what rate to assume for positive and negative withdrawals. 

If you can figure out a way to use the TFSA when the investments are up and use cash when the TFSA is down - then you can cherry pick the best results.




Loon said:


> Excellent point. I can shift this to Jan-Dec and I still make the RRSP decision in Dec with complete income information for the year. It's better than locking up money in the RRSP in March when I could lose my job or any other number of things could happen.


Yes ... though at the same time, a lot of investors are selling to capture capital losses around this time of year so best case may be that any gains are reduced and worst case, any losses may increase.


Cheers


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## the-royal-mail (Dec 11, 2009)

Why would you bother investing the money if only there for a short time? Why don't you just leave it in cash in the TFSA until you move it to RRSP? You won't gain or lose much by having plain cash for the matter of 6 months anyway. Investing for such a short timeframe seems like a waste of time and not worth the risk.


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## Loon (Apr 12, 2012)

the-royal-mail said:


> Why would you bother investing the money if only there for a short time? Why don't you just leave it in cash in the TFSA until you move it to RRSP?


Or keep it in my checking account?  



the-royal-mail said:


> You won't gain or lose much by having plain cash for the matter of 6 months anyway. Investing for such a short timeframe seems like a waste of time and not worth the risk.


I currently trickle the 1000/month into index RRSP. Now I'm just talking about trickling it into index in TFSA, then shovelling it over to RRSP in Dec. The only additional risk is losing some TFSA room, but on a high growth year I will get the more than average growth of my TFSA room. 

If I leave it in cash then on average there would be 6K ( 1K in Jan...12K in Dec). Instead of cash I can invest in index fund and even account for it in my rebalancing. Assuming a average return of say 6% then I make $360 tax free that would have otherwise accumulated in RRSP to pay tax on in the future. 





Eclectic12 said:


> Fair enough ... though I'd personally be looking at some sort of hybrid mix to smooth out the any possible dips.


I see your point. Perhaps just a mix of bond and stock index that matches my overall portfolio? Is it worth the added complexity if the ups and downs are going average out over years anyway?


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## My Own Advisor (Sep 24, 2012)

I contribute regularly to my RRSP (every month) and instead of focusing on that, I try to maximize my TFSA. My RRSP is a few $K short of being maxed out.

This way: money is accessible throughout the year for emergencies (TFSA), if really needed, and I can permanently defer taxes sooner than later.

If I have more money for RRSP to offset more taxes in the winter, around tax season, great.

Back to you...
If you're trying to get your tax rate down every year, into new tax rate, forget the TFSA. Go for RRSP with all you got.


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## Loon (Apr 12, 2012)

My Own Advisor said:


> Back to you...
> If you're trying to get your tax rate down every year, into new tax rate, forget the TFSA. Go for RRSP with all you got.


I AM optimizing my RRSP contributions each year and this plan does not change that in any way. This is just to make use of unused TFSA room to gain a bit of a tax advantage (if my math is right).


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## My Own Advisor (Sep 24, 2012)

Good stuff, re: optimizing RRSP.

I guess the only key downside I see: if you re-direct monies into TFSA then once you take the money out, you lose that TFSA contribution room until the next year as you have already stated. 

Fill the TFSA, with after-tax money, taxes now saved, then move to RRSP, pay tax on RRSP at withdrawal.
Fill RRSP, tax-deferred, pay tax on RRSP later at withdrawal. Keep some leftover money, with after-tax dollars, for TFSA. 

A shell game.


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## Eclectic12 (Oct 20, 2010)

Loon said:


> Or keep it in my checking account?


With the rates being paid - you're probably a bit head collecting the small interest tax-free in the TFSA.




Loon said:


> The only additional risk is losing some TFSA room, but on a high growth year I will get the more than average growth of my TFSA room ...
> 
> I see your point [ ... re: investments fluctuate and withdrawals are on a schedule].
> Is it worth the added complexity if the ups and downs are going average out over years anyway?


First off - in down years at withdrawal, there is potentially a double hit. The loss of value means both the loss of TFSA contribution room *and* needing cash from somewhere to make up the difference to hit the target RRSP contribution. 

Secondly - the buying on a schedule will smooth out the purchase costs but the selling once a year means is a risk.

If I get time, I'll run some scenarios but the drastic year would be like 2008 - until Oct if one uses XIU as the index investment, the buys are in the $20 per unit range. From Oct until the RRSP deadline (i.e. Mar 2009) - the potential sell price is $12 to $16 a unit. Ignoring distributions to keep it simple at the moment and picking $14 as the sell price - $12K went in and $9.3K came out.

Now if there were preceeding years of good gains left in the TFSA, maybe this shortfall is made up but it's not really clear to me that everything is automatically going to balance out.




My Own Advisor said:


> ... Fill the TFSA, with after-tax money, taxes now saved, then move to RRSP, pay tax on RRSP at withdrawal.
> Fill RRSP, tax-deferred, pay tax on RRSP later at withdrawal. Keep some leftover money, with after-tax dollars, for TFSA.
> 
> A shell game.


Not necessarily - in down years, one might have been better off going strictly the RRSP route as it's probably a long time before a sale is forced. The TFSA route is forcing a sale (or transfer) every year - regardless of how the investment is doing.


Cheers


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## Xoron (Jun 22, 2010)

Eclectic12 said:


> Secondly - the buying on a schedule will smooth out the purchase costs but the selling once a year means is a risk.


Eclectic12, that's a really good point. Hadn't thought of that.

So essentially you're adding a redemption risk: Having to sell lower, so less to put into your RRSP, and lowering your TFSA lifetime contribution room. Sounds overly complicated. Why not just contribute the $ (Assuming you have it) during the year and just claim the RRSP deduction in the high income years?


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## Feruk (Aug 15, 2012)

Like Eeclectic12 said, I'd be worried about the double hit of an investment going down where you suddenly lose TFSA contribution room and your contribution to your RRSP is smaller, so less tax money back. What happens if the market goes up? Say you put away 12k and got a return of 6%, so $720. You'll get maybe ~$300 back in your tax refund (from that 720), so about 2.5% of the 12k. Doesn't seem worth risking your tax return. I think the only way this is worth it is if you assume you're gonna be making huge returns like doubling your money (as in one of your first posts). If I was doubling my money every year, I'd be too rich to worry about this.


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## the-royal-mail (Dec 11, 2009)

Loon said:


> ...Assuming a average return of say 6%...


There's your main problem, besides the fact you do not seem to be listening to any dissenting opinions. Are you only here for confirmation bias?


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## Cal (Jun 17, 2009)

Personally were I to do this method, I would get ahead with the RRSP then wait until April when my tax return is filed to ensure I know exactly how much can be transferred for the following years contribution. Having said that, you would probably have a general idea as to how much RRSP room you would have to contribute.

That way, you have basically 10 months to pick your sell price to give you a better chance to sell your holdings at a profit, as opposed to having February to get a good sell price.


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## alingva (Aug 17, 2013)

Spudd said:


> Why would you want to defer deciding how much your RRSP needs until Feb? You know your contribution limit as soon as you get your tax return back, so I see no purpose in this.


 You grow your TFSA contribution room, it is based on how much money you withdraw. If you contribute 5000 and withdraw 5100 you can contribute 5100 next year plus the limit of the next year


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## alingva (Aug 17, 2013)

Loon said:


> Assuming a average return of say 6% then


 Show me the money, i want to join the wonderland.


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## Sampson (Apr 3, 2009)

why is everyone so critical of the 6% return. look at the return of the S&P500 this year. or the TSX since the inception of the TFSA.

going forward? who knows, but not a terrible assumption over 10-20 years.


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## Eclectic12 (Oct 20, 2010)

Sampson said:


> why is everyone so critical of the 6% return.
> look at the return of the S&P500 this year. or the TSX since the inception of the TFSA.
> 
> going forward? who knows, but not a terrible assumption over 10-20 years.


Probably because the assumption is that it will be that rate per year despite what looks like a forced liquidation each year. 

With a different variable in play, is a long time frame going to make up for whatever impact the sell introduces?


Don't get me wrong - I'm not for or against it at this point, I'm trying to understand what impacts the process will have & figure out how it differs from a straight chart.


Cheers


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## Sampson (Apr 3, 2009)

it seems to me a question about tax rate on income and RRSP vs. TFSA.

It is clear the OP is not maxing out both, so unless the current income is high, the O might be better off first investing the money in the TFSA, then just leaving it in there.


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## Plugging Along (Jan 3, 2011)

Sampson said:


> why is everyone so critical of the 6% return. look at the return of the S&P500 this year. or the TSX since the inception of the TFSA.
> 
> going forward? who knows, but not a terrible assumption over 10-20 years.


It's a horrible assumption for a few months. That's what the OP want to do. What are the averages over 1 year periods?


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## Jungle (Feb 17, 2010)

There will be time out of the market when you withdraw from tfsa to put into rsp. Not something I would play around with. By the time your transfer is done over 2-3 days, the market can move 2-3%. Problem is we don't know when it will do that. 

You can start a hedge in a non-reg, but there are trading and interest costs. Too much bother imo. Just choose one or the other.


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## Jungle (Feb 17, 2010)

Plugging Along said:


> It's a horrible assumption for a few months. That's what the OP want to do. What are the averages over 1 year periods?


I believe he is referring to the long term average. For both the s&P500 (USD) and tsx (cad), it's 8-9% annually long term. (20 + years) .

Here is a nifty calculator that tells you cagr of s&p500 with any time period you want, or just in a single year only:

http://www.moneychimp.com/features/market_cagr.htm


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## Eclectic12 (Oct 20, 2010)

Sampson said:


> it seems to me a question about tax rate on income and RRSP vs. TFSA ....


I'm not sure why you'd think that ... the opening question clearly outlines the perceived benefits of switching the monthly RRSP contributions to be TFSA contributions, followed by a yearly withdrawal to make the RRSP contribution and asks if it's a significant advantage.




Sampson said:


> It is clear the OP is not maxing out both, so unless the current income is high, the O might be better off first investing the money in the TFSA, then just leaving it in there.


The OP says upthread:


> My situation is such that I need to almost max out my RRSP each year to get down to a comfortable tax rate.


So IMO, this clearly implies a high income.


Cheers


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## My Own Advisor (Sep 24, 2012)

Agreed, why max out your RRSP if not in a high income bracket? Ideally you always want to contribute to this account in a higher tax bracket and withdraw in a lower one, otherwise, you are not harnessing the true power of this tax-deferred account.


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## Sampson (Apr 3, 2009)

presumably there is excess money, i.e. the RRSP is maxed out therefore the OP asks if that should go into the TFSA. yes of course.

So the simple presumption from my part would be, that the OP is capable of funding the TfSA. Unless OP wants tomaintain only an 18% savings rate, then I think the suggestion remains relevant.


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## Sampson (Apr 3, 2009)

this whole notion of risk is also pointless. the risk on the capital was assumed when the equity is purchased. If the OP makes a transfer share per share, or purchases in the new account and sells in the old, then the only "loss" is the potential capital loss to claim.

the only risk is that the split second it takes to make the transfer there is a price movement. This is much like a currency gambit trade. and at some banks, they actually do this pseudo transfer among registered accounts for free (RBC).

what it then boils down to, is if you have capital on hand, invest now, where you have room, or invest later. research suggests invest now.

back to my first post... keep the money in the TFSA. use new capital/savings for the RRSP.


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## Eclectic12 (Oct 20, 2010)

My Own Advisor said:


> Agreed, why max out your RRSP if not in a high income bracket?
> Ideally you always want to contribute to this account in a higher tax bracket and withdraw in a lower one, otherwise, you are not harnessing the true power of this tax-deferred account.


+1 ... 



Sampson said:


> presumably there is excess money, i.e. the RRSP is maxed out therefore the OP asks if that should go into the TFSA. yes of course ...


I'm not sure what you are getting ... unless perhaps you mean the OP can max out both?

The OP has indicated he has RRSP room left (or at least that's what I interpret from the comment "... I need to almost max out my RRSP each year ..." as well as TFSA room left (comment is " ... I don't anticipate filling my TFSA in the next few years ...").

Though if one has enough cash flow, I'd lean towards using up the TFSA room as well.




Sampson said:


> So the simple presumption from my part would be, that the OP is capable of funding the TfSA. Unless OP wants to maintain only an 18% savings rate, then I think the suggestion remains relevant.


If the OP was 18+ in 2009 and has been a resident, he could be over 18% savings as there may be been $10.5K put into the TFSA. 




Sampson said:


> this whole notion of risk is also pointless. the risk on the capital was assumed when the equity is purchased.
> 
> If the OP makes a transfer share per share, or purchases in the new account and sells in the old, then the only "loss" is the potential capital loss to claim.


I can see how a transfer of investments from TFSA to RRSP takes care of "being out of the market", delays and other issues - though it may introduce a fee for the transfer (apparently not at RBC).

Perhaps you can provide more detail of how the "purchase in a new account and sell in the old" works?

Any of the posts I've read (and conversations with my broker) indicate that to buy in the RRSP - one has to already have cash or equivalents in the RRSP. 
Or is RBC allowing a buy in the RRSP on notification that the owner is planning to sell in the TFSA and is waiving the T+3 bit?

If this is a possibility - I'm glad to add new tools to the toolbox .... 


Cheers


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## Xoron (Jun 22, 2010)

Sampson said:


> this whole notion of risk is also pointless. the risk on the capital was assumed when the equity is purchased. If the OP makes a transfer share per share, or purchases in the new account and sells in the old, then the only "loss" is the potential capital loss to claim.


Not 100% true. If you have a paper loss in your TFSA, then transfer to your RRSP, you're locking in the lower value in your TFSA.

For example, if I have $10,000 of RBC and it drops to $9,000. When I do the transfer over to my RRSP, the $1,000 TFSA room is lost forever. Sure, if you'll never have both RRSP and TFSA maxed, then this isn't really an issue. But it is a consideration.


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## Sampson (Apr 3, 2009)

Xoron said:


> Sure, if you'll never have both RRSP and TFSA maxed, then this isn't really an issue. But it is a consideration.


Perhaps this is the clarification that is needed.

The 'optimal' scenario really depends on whether the OP can use the TFSA going forward and whether the loss contribution room even matters. It seems the OP is not maximizing both accounts at this stage anyway.

The alternatives are limited anyway.

1) The OP could invest within the TFSA using a more conservative instrument - GIC, and get tax savings for the duration of the year.
or
2) the OP could invest into equities outside any registered account.

With some additional clarification... I still hold by my stubborn mantra: 
"invest in the TFSA, and keep it there"


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## Xoron (Jun 22, 2010)

Sampson said:


> With some additional clarification... I still hold by my stubborn mantra:
> "invest in the TFSA, and keep it there"


Now that is something we can agree on


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## Sampson (Apr 3, 2009)

Eclectic12 said:


> I can see how a transfer of investments from TFSA to RRSP takes care of "being out of the market", delays and other issues - though it may introduce a fee for the transfer (apparently not at RBC).
> 
> Perhaps you can provide more detail of how the "purchase in a new account and sell in the old" works?
> 
> ...


Several possibilities.

1) having capital on hand - buy in the RRSP, sell in the TFSA - let the trades settle
2) no capital on hand - the 3 day settlement fee has not been a problem for me. If it is clear you have a sell order on the books, I never get charged for interest on the buy if the trade settles in time.
3) RBC does allow direct 'transfers' for clients with assets of $250,000 or greater. - This isn't a transfer per se, since I believe this type of inter account transfer has been banned by CRA - but regardless, RBC allows you to move holdings among registered accounts. My explanation of how this legally performed is that they simply do (1) above, sell in old account and repurchase in new account - but they waive all the fees.


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## Sampson (Apr 3, 2009)

Xoron said:


> Now that is something we can agree on


I think this is what I was trying to get at in my first post, but clearly I needed to explain myself a little.


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## Eclectic12 (Oct 20, 2010)

Sampson said:


> Several possibilities.
> 
> 1) having capital on hand - buy in the RRSP, sell in the TFSA - let the trades settle ...


Are we talking apples and oranges here? When is the OP's planned TFSA to RRSP contribution happening in this scenario? 

I can see selling in the TFSA to provide cash for a TFSA withdrawal, followed by RRSP contribution but if the capital is already in the RRSP, I suspect it's already invested in the index fund.




Sampson said:


> 2) no capital on hand - the 3 day settlement fee has not been a problem for me. If it is clear you have a sell order on the books, I never get charged for interest on the buy if the trade settles in time.


 ... not sure what a 3 day settlement fee is.

So you are saying that when you've had no cash in an RRSP, if you have a sell order in your TFSA or cash account - the buy in the RRSP is accepted?




Sampson said:


> 3) RBC does allow direct 'transfers' for clients with assets of $250,000 or greater. - This isn't a transfer per se, since I believe this type of inter account transfer has been banned by CRA ...


Hmmm ... my understanding was that it is swap transactions that are banned (ex. the transaction is both ways, where cash would go from the RRSP into the TFSA and the stock would go from the TFSA to the RRSP).

"In-Kind" contributions or withdrawals are still allowed, where for example the stock would go into the RRSP (i.e. one direction). [Assuming that the broker's business rules support this.]
http://www.taxtips.ca/tfsa/swaptransactions.htm


Cheers


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## Loon (Apr 12, 2012)

Sorry for not getting back. I more or less decided not to do this. The primary reason being that I don't want to have to scramble to top up my RRSP in February if the market is down. My employment is unstable so I though it might be a good way to keep emergency liquid assets around but I have credit for that plus some TFSA investments, just not the full 25,500. If I lose my job I will just suspend my RRSP contributions. 

Just to clarify my position, I am not in position to max out both RRSP and TFSA for at least a few years, but I believe that must max RRSP. Income is somewhat high I guess, I just don't want to state it here. I'm going to start a regular contribution to my TFSA as well to see if I can start to catch up.


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