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Moving stock from normal investment account to a Tax Free Savings Account? (lemmy.world)

submitted 1 year ago* (last edited 1 year ago) by [email protected] to c/[email protected]

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This is technically a question specific to Canada but maybe it can be applied to other countries as well.

I have a fixed number of stocks in a regular investment account and in a Tax Free Savings Account (TFSA). For non-Canadians the TFSA is like a personal investment account except there is no capital gains tax. Last year I maxed out my contributions to my TFSA but I wanted to save more money so I put some funds into a personal investment account. This year due to the economy I can't save as much so I have extra contribution room in my TFSA. So my question is, should I just sell all my shares in my personal investment account, transfer the money to my TFSA account and buy the same stocks there? Are there any downsides to doing this?

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[–] sugar_in_your_tea 1 points 1 year ago (1 children)

I would personally just sell and move cash, that way I know what capital gain or loss to expect.

[–] [email protected] 1 points 1 year ago

All things considered, I would too.