Setup PC Financial banking to transfer money to your TFSA account
In this example I will use our PC Financial checking account and set it up to transfer money to my wife's TFSA account (her TFSA is at CIBC with their Investor's Edge Self Directed Brokerage).
This process is the same as paying a bill online. Your TFSA account is set up as a bill and when you "pay your TFSA bill" the money gets transfered to your TFSA account. In several cases we've used this process the money gets transferred in about 1 to 3 days.
Here's what I'm going to do:
- Add a new bill to my PC banking
- Enter my TFSA account as the bill payee
- Pay the bill (transfer money to TFSA)
Here's how it looks step by step with screenshots:
- From the menu on the left select "Bill payments" and then click "add bills". Search for the institution where your TFSA account is located. In this case I will search for "cibc"
- Select your institution from the list
- Enter your TFSA account number
- Confirm that you've entered correct information
Now that you've created a bill you can make a contribution to your TFSA at any time - just "pay your TFSA bill".
How to transfer money from PC Financial online banking to your TFSA accountHere's how that looks:
- From the menu on the left select "Bill payments" and you will see your newly added "TFSA bill" in the list. Enter the amount you'd like to put into your TFSA and click "continue" button
- Confirm your choice
- A day later this contribution shows up on CIBC Investor's Edge account (real quick in this case!)