How to Transfer Money to your TFSA at CIBC: A Comprehensive Guide

Contributing to a Tax-Free Saving Account (TFSA) with Canadian Imperial Bank of Commerce (CIBC) is a smart way to grow your wealth tax-free. There are multiple options – by online banking, mobile app, or by contacting customer service - to contribute to your TFSA with flexibility and convenience.

Transfer via CIBC Online Banking

Transferring money to your TFSA via CIBC's online banking platform is one of the most preferred methods, providing convenience and enabling the management of your accounts round the clock. This user-friendly platform allows you to make instant transfers any time, anywhere

Follow these steps:

• Enter your card number and password to log in.
• Go to the "Transfers" section on the homepage.
• Select the account from where you wish to transfer funds.
• Choose your TFSA as the "To" account.
• Enter the amount you want to transfer.
• Review and click on "Submit" to complete the transaction.

Transfer via CIBC Mobile App

If you prefer banking on-the-go, the CIBC mobile app allows you to transfer funds to your TFSA right from your smartphone. The application is available for both Android and iOS devices.

Here's a step-by-step guide.

• Launch the CIBC mobile app and sign in.
• Tap on the "Transfer" icon from the main menu.
• Choose the account for fund transfer.
• Select your TFSA as the recipient account.
• Enter the desired transfer amount.
• Review your transaction and confirm by tapping "Finish."

Transfer via CIBC Customer Service

If you're someone who appreciates the personal touch of interacting with a human, CIBC customer service is there for you. This method allows you the comfort of speaking to a representative who will guide you through the transfer process.

Here's how you can do it:

• Call the CIBC customer service line at 1-800-465-2422.
• After confirming your identity, request a transfer to your TFSA.
• Provide the representative with necessary details like your account information and the amount you want to transfer.
• Verify the provided details when asked and authorize the transfer.

In conclusion, the CIBC offers multiple ways of transferring money to your TFSA. By selecting the method that suits you the best, you can make contributions to your TFSA at CIBC without any hassle. Remember that each method has its own unique steps, and it's crucial to follow them carefully to ensure a successful transfer.