How do I withdraw money from my Tax-Free Savings Account (TFSA)?

To make a withdrawal from your TFSA:

  1. From the app’s home screen, select your TFSA
  2. Go to your Cash amount and tap the 3-dot menu icon
  3. Tap Make a withdrawal
  4. Choose the account you want to transfer funds to
  5. Enter the amount of your withdrawal
  6. Slide to transfer

If you have Scotia Smart Investor, select your TFSA from your dashboard, then:

  1. Tap the 3-dot menu icon next to Add Funds
  2. Tap Withdraw

In general, you can withdraw money from your TFSA at any time, and the amount you withdraw can be put back in your TFSA starting the following year without impacting your contribution room. Some specific product restrictions can apply, however, like GIC maturity dates.

Last updated January 4, 2024