Industry Insights | 1 min read

Reminder of 10-day freeze period on transfers from a TFSA

Glacier’s process with regard to the Tax-Free Investment Plan

According to legislation, a product provider must decline to transfer any amount in respect of a TFSA (Tax-Free Savings Account) during the last 10 business days of the tax year.

With regard to the Glacier Tax-Free Investment Plan, the following process is followed around this 10-day period:

DateScenarioAction
Up until 12 February 2021 COBIf we have received an instruction to transfer a TFSA before the 10-day freeze period and all requirements were receivedWe would have continued with the transfer and generated the transfer certificate
From 15 to 28 February 2021If we receive an instruction to transfer a TFSA during the 10-day freeze periodWe will hold off on the transfer until the new tax year and generate the transfer certificate within the new tax year

Please contact your Glacier representative if you have any questions in this regard.

Glacier Financial Solutions (Pty) Ltd and Sanlam Life Insurance Ltd are licensed financial services providers

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