Hi
You are not required to pay taxes on saving transferred, only on earnings, so interest on after transfer may be taxable. You can put savings into a TFSA (limited) that will make it possible to avoid taxes even on interest. I have set up a stock exchange trading account as my TFSA so I can trade on stock exchanges in US and Canada. Profits there are not taxable. Be sure to check the TFSA deposit limits. If you over deposit that taxes will come into play as well.
1. You have to be very careful trading stocks in a TFSA. CRA may decide based on the frequency of the trades, and volumes that it has become a business
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The CRA said that “millions of additional taxes have been recovered as a result of audits of TFSAs,” and referred to a recently-released Income Tax Folio which indicates that “the determination as to whether a particular taxpayer carries on a particular business is a question of fact that can only be determined following a review of the taxpayer’s particular circumstances.”
The CRA then quoted its Interpretation Bulletin entitled “Transactions in Securities,” which sets out factors developed by the courts that are relevant in determining whether transactions in securities constitute carrying on a business. It concludes that “as there is nothing unique about TFSAs in the context of securities trading, there is no plan to provide any additional guidance specific to TFSAs.”
http://tinyurl.com/ya8czxb4