Transferring cash out of a Cash account
When you transfer cash from a cash account, you do not incur taxes. Instead, you incur taxes when you realize a profit from a sale of securities. In other words, when you sell an investment at a profit, you trigger capital gains and the proceeds become taxable income.
You can request a transfer of either Canadian or U.S. Dollar cash out of your cash account, provided that your investments are fully settled first.
For more information about trade settlement, check this helpful article.