Q: I CURRENTLY HAVE 500 TCN SHARES IN MY TFSA IN CDN $
I HAVE REQUESTED TO HAVE THE BUY OUT BY BLACKSTONE PAID TO ME IN $US AND THEN WILL TRANSFER THEM OUT OF THE TFSA INTO MY NON REGUISTERED ACCOUNT.
QUESTION. IN JAN 2025 I INTEND TO REPLACE THE VALUE OF THE TCN SHARES BACK INTO MY TFSA. WHAT WILL BE THE VALUE THAT I CAN PUT BACK?
I HAVE REQUESTED TO HAVE THE BUY OUT BY BLACKSTONE PAID TO ME IN $US AND THEN WILL TRANSFER THEM OUT OF THE TFSA INTO MY NON REGUISTERED ACCOUNT.
QUESTION. IN JAN 2025 I INTEND TO REPLACE THE VALUE OF THE TCN SHARES BACK INTO MY TFSA. WHAT WILL BE THE VALUE THAT I CAN PUT BACK?
5i Research Answer:
If the value is transferred to a US dollar non-registered account then one needs to convert this to Canadian dollars at the exchange rate on the day (available from the Bank of Canada's website) and this will be the amount that can go back into a TFSA. If the amount is transferred to a Canadian dollar account then the broker will use its own conversion rate, and we would use the Canadian dollar amount transferred in as the allowable amount of re-contribution.