How to Contribute to TFSA at CIBC: Online Banking, Mobile App, and Customer Service

Are you seeking effective ways to contribute to your Tax-Free Savings Account (TFSA) at CIBC? The Canadian Imperial Bank of Commerce (CIBC) offers various convenient ways for customers to contribute to their TFSA, inclusively through online banking, mobile app, and call customer service. This article will guide you on how to leverage these platforms to keep your financial plans right on track.

Contributing to TFSA Through CIBC Online Banking

Contributing to your TFSA via CIBC online banking is both straightforward and efficient. With its user-friendly interface and easy navigation, you can set and reach your financial goals in no time. Below are the steps on how to contribute to your TFSA using CIBC online banking:

• Start by logging into your CIBC online banking account.
• On the overview page, click on 'Transfer Funds' under the 'My Accounts' tab.
• Select the account you'd like to transfer funds from and choose your TFSA as the destination account.
• Enter the amount you wish to transfer and confirm your transaction.
• Just like that, you've made a contribution to your TFSA! Review your contribution history to keep track of your deposits.

Using the CIBC Mobile App for TFSA Contribution

For those who prefer managing their finances on-the-go, the CIBC Mobile App provides a secure way to contribute to your TFSA. The mobile app combines ease of use with the freedom to manage your savings anytime, anywhere. Below are the steps for making a TFSA contribution:

• Launch the CIBC mobile app on your phone and log in.
• Select 'Accounts' from the main menu, followed by 'Transfer Funds'.
• Select the account you'd like to transfer from, then choose your TFSA as the destination account.
• Input your desired transfer amount and tap 'Continue'.
• Confirm your transaction by tapping 'Submit'. Done! Your TFSA contribution has been successfully made.

Contacting CIBC Customer Service for TFSA Contribution

If you are more comfortable having a banking professional assist you or encounter any issues while trying to contribute, contacting CIBC Customer service is a viable option. Here's how to do this:

• Call CIBC Customer Service line at 1-800-465-2422.
• After identifying yourself and your account, explain to the representative that you want to make a contribution to your TFSA.
• Follow the representative’s instructions to complete the transaction.
• After successfully making the transfer, you will receive a confirmation number as proof of transaction.

In conclusion, whichever method you choose to contribute to your TFSA at CIBC — be it online banking, mobile app, or customer service — they are designed to make your experience comfortable and efficient. Remember that it's also vital to observe the yearly TFSA contribution limit as set by the Canadian Revenue Agency (CRA) to avoid over-contribution penalties.

Your Financial Journey Starts Here!

Now that you know how to contribute to your TFSA at CIBC, you’re better equipped to maximize your savings and meet your financial goals faster. Keep in mind that the most important thing is to have a plan, stick to it, and let your savings work for you. The journey to financial freedom begins with a single step — or in this case, a single contribution!