Investments and Scotia iTRADE® direct investing

This is a difficult time, and we understand you have questions about how to manage your finances in the current situation. To help you, we asked two Scotiabank financial planning advisors — Mary Grace Policelli, Director, Total Wealth Planning, and Jennifer Poon, Director, Advanced Planning — for day-to-day budgeting advice in challenging times.

Watch the demo

To make a withdrawal from your TFSA:

Mobile banking:

1. From the app’s Home screen, tap 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

Online banking:

1. From your Accounts page, select your TFSA

2. Go to Account Details and select TFSA Withdrawal

3. Choose the account you want to transfer funds to

4. Enter the amount of your withdrawal

5. Select Continue to confirm the details

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.

However, some specific product restrictions, like GIC maturity dates, can apply and may impact this general rule.

Money you withdraw from your RSP will be added as income for the year and may be subject to withholding tax. You may need to talk to your accountant to understand the tax impact.

Find everything you need to know about GIC types and rates.

You can apply online through the Scotia iTRADE website, at a Scotiabank branch, or by calling us at 1-888-769-3723 (Monday to Friday from 8:30 am to 5:30 pm ET). 

If you're already a Scotiabank customer, you can view your Scotia iTRADE account by signing in to online banking.

To trade, transfer, or manage your account, you can download the Scotia iTRADE app for your mobile device. Visit our Scotia iTRADE page to learn more about the app.

For complete details on how to withdraw from or transfer money to a Scotia iTRADE account, please visit Scotia iTRADE.