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  • Consolidating multiple deposits

    You may consolidate two or more FMDs into a single FMD. The withdrawals involved in consolidating the accounts will not be counted as assessable income if the following conditions are met:

    • The original FMDs only contain amounts for which deductions have been claimed.
    • The original FMDs are immediately reinvested into a single FMD. This can be with the same FMD provider or a new FMD provider.
    • After merging, the consolidated FMD only contains amounts that you have  
      • held for at least 12 months
      • claimed a tax deduction for.

    You can't claim a deduction when you consolidate deposits.

    Consolidated deposits are considered to have been made on the same day as the most recent of the original deposits.

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      Last modified: 08 Nov 2019QC 27154