What happens to a member’s existing TFSA and RRSPs?

The government allows people to hold multiple TFSA and RRSP accounts. This means that it’s up to each member to determine what happens to any other TFSA or RRSP accounts they hold. They can choose to transfer all of their funds into their new Common Good account (done directly within the platform) or keep them where they are.

If a member wishes to consolidate their RRSP and TFSA savings in the Common Good Plan, they can initiate a transfer from their online account, and our team will take care of the rest. A direct transfer has no impact on your contribution limits or tax implications.