Ultimate Guide: How to Withdraw from TFSA BMO Online

The Tax-Free Savings Account (TFSA) provided by BMO, one of Canada's leading financial institutions, is an excellent instrument to save or invest money tax-free. Withdrawing from this account requires following specific procedures, which we will thoroughly guide you through. The methods include Online Banking, the Mobile App, and Customer Service. Each method has its unique procedure to ensure a hassle-free TFSA withdrawal. Let's get started.

Withdraw TFSA BMO via Online Banking

With BMO's online banking platform, you can complete transactions, including withdrawals, from the safety and comfort of your home. Below are the steps for online TFSA withdrawals:

• Visit BMO's official website and log in to your account.
• From your account summary, select 'My Accounts.'
• Under 'My Accounts', choose 'View and Manage Tax-Free Savings Accounts.'
• Select the TFSA account you wish to withdraw from.
• Click 'Make a Withdrawal' and enter the amount you wish to remove. Confirm the details to finish the transaction.

Withdraw TFSA BMO via the Mobile App

BMO's Mobile App is a convenient tool for managing your financial activities from your smartphone. Follow the steps below to withdraw from your TFSA:

• Download the BMO Mobile App from the App Store or Google Play.
• Log in to the app using your BMO online banking credentials.
• Select 'Accounts' from the menu.
• Choose 'Tax-Free Savings Accounts' then the specific account you want to withdraw from.
• Select 'Withdraw Funds' and input the withdrawal amount. Review and confirm the details for completion.

Call BMO's Customer Service

If you prefer a more hands-on approach, BMO Customer Service is ready to assist. They can direct your withdrawal request step-by-step :

• Call BMO's customer service number: You can find this on the back of your BMO debit card or through the BMO website.
• Follow the voice prompts to get to the TFSA section. Information like account number may be required.
• Request to make a withdrawal and follow the instructions given. You will need to verify your account and identify yourself before proceeding.
• The customer service representative will process your request, and upon approval, your funds will be withdrawn.

Choose the method that best suits your preferences or circumstances. Each offers a secure and efficient way to withdraw from your BMO TFSA. Always remember to review your remaining contribution room after a withdrawal to manage your TFSA efficiently.

With these easy-to-follow steps, withdrawing from your BMO TFSA becomes a straightforward task, well within your reach. Your financial goals are just a few clicks away.

Be sure to track your withdrawal and investment activities closely to reap the full benefits of your TFSA. Happy saving!