Opening TFSA | Motive Financial | Discussion forum

kedalt said
Is it required to call in if you want to open a GIC with funds already in your TFSA savings account?

The option to fund the gic from TFSA savings doesn't seem to be there.  

No need to call in, the option is there.

Select the Account Services menu on the left side of the main menu.
Then select Tax-Free Savings Account under the Open a New Account menu.
The next screen will give you the options to open TFSA GICs:

Tax-Free Savings Accounts
To invest in a specific TFSA product, choose the appropriate Open Account link
Motive TFSA GIC
Minimum Balance Length Interest Rate
$1,000.00 - $99,999,999.00 12 to less than 24 months 5.120% Open account

$1,000.00 - $99,999,999.00 24 to less than 36 months 4.850% Open account

$1,000.00 - $99,999,999.00 36 to less than 48 months 4.750% Open account

$1,000.00 - $99,999,999.00 48 to less than 60 months 4.720% Open account

$1,000.00 - $99,999,999.00 60 to less than 72 months 4.720% Open account

$1,000.00 - $99,999,999.00 72 to less than 84 months 4.850% Open account

$1,000.00 - $99,999,999.00 84 to less than 96 months 4.950% Open account

$1,000.00 - $99,999,999.00 96 to less than 108 months 4.950% Open account

$1,000.00 - $99,999,999.00 108 to less than 120 months 4.950% Open account

$1,000.00 - $99,999,999.00 120 months 4.950% Open account

Once the TFSA GIC is opened, you can fund it from TFSA savings.

I hadn't noticed before that the specific TFSA GIC expiry date can be chosen by the customer within a whole year's range, at the same rate. Ie; buy today, expiry around December 15, 2024.

That is excellent for pre-planning purposes, ie; the December TFSA manoeuvre. Doing that opens up fee free options of where to put the money at that time (as Motive charges a $ 50- TFSA transfer fee, not to mention lost interest during the transfer process), or just leave at Motive with a more usual 12/24/36 etc month expiry date.