Transferring TFSA

[Scorpio7771]

I am transferring my TFSA from Coreshares to Sygnia.

From what I have been told is that the transfer must be done within 10 business days of receipt of the transfer application by the transfer from party.

Does anyone know if there is any legislation governing the 10 days transfer period? Who can I complain to?

 

[Rkootknir]

It's 10 business days per Regulation 9B of GN 172 (PDF) of the Income Tax Act.

9B(1) reads:

(1) Subject to subregulation (2) and the transfer not being accepted in terms of regulation 9B, a product
provider must transfer the amount in cash or assets other than cash in respect of a tax free investment
to another tax free investment of an investor on or after 1 March 2018—

(a) if that tax free investment has a maturity date, within ten business days after that investor requests
that transfer or within ten business days after that maturity date if that investor requested that
transfer; or

(b) other than a tax free investment that has a maturity date, within ten business days after that
investor requests that transfer.