Can an individual contribute a non-maturing GIC into his or her TFSA? CRA responded:
A "swap transaction", in relation to a TFSA trust, generally means any transfer of property occurring between the trust and the holder of the TFSA or a person with whom the holder does not deal at arm's length, other than a transfer that is a distribution from, or a contribution to, a TFSA trust. This prohibition would apply to transfers between accounts of the same taxpayer or that of the taxpayer and an individual with whom the taxpayer does not deal at arm's length. However, A taxpayer would still be able to make a transfer of a GIC to or from a TFSA provided the transfer is a contribution into or a distribution out of the TFSA.