TFSA

Alberta, British Columbia, Manitoba, Saskatchewan
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kunkstyle
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Joined: Tue Sep 11, 2007 12:51 pm

TFSA

Post by kunkstyle »

I'll post here as there's no canada wide forum:With the new year's federal budget, has anybody opened up a tax free savings account? Seems like a great idea for savings that you want to have access to.
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Amtron
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Post by Amtron »

I work at Scotiabank and can tell you lots of people have opened these. If you have any questions about TFSA's I would be happy to answer them for you!
kunkstyle
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Re: (Amtron)

Post by kunkstyle »

Thanks Matthew! I got mine opened up in December. Just wanted to make sure the other Canadian folks on genvibe knew about them. I didn't even hear about it until early December, so I'm not too sure how much resources went into making sure us Canucks heard about the new system.
Kunkstyle's Garage:2006 AWD Pontiac VibeInfinity/Rockford/Kenwood Audio, CAI, Cupholder LED's, Keyless Entry Mod2000 Porsche 911 C2Kenwood Audio, Ultimate Cupholders, DRL's, 0-60 in 4.9 seconds.
Amtron
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Re: (kunkstyle)

Post by Amtron »

No problem Jeremy! Yeah they didn't really come out until late November I'm pretty sure, and you couldn't contribute to them until after January 1st anyways. Anyone out there who doesn't have one, get one!
northvibe
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Post by northvibe »

do I have to be a CAN resident to open one?
kunkstyle
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Re: (northvibe)

Post by kunkstyle »

Either that or start paying Canadian taxes. Hahaha.
Kunkstyle's Garage:2006 AWD Pontiac VibeInfinity/Rockford/Kenwood Audio, CAI, Cupholder LED's, Keyless Entry Mod2000 Porsche 911 C2Kenwood Audio, Ultimate Cupholders, DRL's, 0-60 in 4.9 seconds.
Celtic_Curse
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Post by Celtic_Curse »

So how does it work?
2003 Supercharged 5spd Vibe BaseGM Supercharger + TRD ECUMagnaflow Cat Back + DC Sports Header 18" AXIS rimms w/Kumho TiresTop Spoiler + Vis CF Functional Scoop
bull77
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Location: Ottawa

Post by bull77 »

i opened one in december with scotia bank ---- is there any fees for withdrawing? what types of accounts does the money sit in -- gic/high interest savings/etc.?
Amtron
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Re: (bull77)

Post by Amtron »

Quote, originally posted by bull77 »i opened one in december with scotia bank ---- is there any fees for withdrawing? what types of accounts does the money sit in -- gic/high interest savings/etc.?The only fees that you would incur, if I'm not mistaken, are the regular fees that you would have with whatever investment you purchased. The types of accounts are basically any investment that Scotiabank has to offer. Mutual funds, GIC's, etc. If you are worried about an early withdrawal you can always get a cashable GIC. Lower interest, but you can take it out.
bull77
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Post by bull77 »

ok -- i was going to use it to dump extra cash throughout the year and then transfer to an rrsp/resp in april.
Amtron
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Re: (bull77)

Post by Amtron »

Yeah you could pull that off. I'm 100% sure on this, but you can potentially open a power saving or money master under the TFSA. If you could then you can withdraw at any point with no charge. Don't quote me on it though haha
ArcsVibe
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Re: (Amtron)

Post by ArcsVibe »

I opened one with ING
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Amtron
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Re: (ArcsVibe)

Post by Amtron »

Quote, originally posted by ArcsVibe »I opened one with ING ING seems to have the highest rates. I'd refer you there instead of Scotiabank to be honest I don't know much about them though, do they have GIC's and stuff?
ArcsVibe
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Re: (Amtron)

Post by ArcsVibe »

Quote, originally posted by Amtron »ING seems to have the highest rates. I'd refer you there instead of Scotiabank to be honest I don't know much about them though, do they have GIC's and stuff?Yup! GIC, RRSP, normal saving accounts (high interest) and mortgages check them out at http://www.ingdirect.ca/en/
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Amtron
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Re: (ArcsVibe)

Post by Amtron »

Quote, originally posted by ArcsVibe »Yup! GIC, RRSP, normal saving accounts (high interest) and mortgages check them out at http://www.ingdirect.ca/en/Trying to make me switch my banking from my place of work, are we?
ArcsVibe
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Re: (Amtron)

Post by ArcsVibe »

Quote, originally posted by Amtron »Trying to make me switch my banking from my place of work, are we? LOL! Nah just showing you the competition
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Sputnik
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Re:

Post by Sputnik »

I opened one in December with PC Financial. I had dumped $3K in there already but I have since taken it out to pay for my vacation. Hm, so much for that.
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bull77
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Re: Re: (Sputnik)

Post by bull77 »

hey amtron --- article in the kanata paper last week about the SB on campeau being robbed....is that the branch you work at?
Amtron
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Re: Re: (bull77)

Post by Amtron »

Quote, originally posted by bull77 »hey amtron --- article in the kanata paper last week about the SB on campeau being robbed....is that the branch you work at?Yup that would be mine! It was on my shift actually. The guy came in pretty much right after we opened the doors and did it. I was really suprised he robbed this branch since it's one of the most inconvenient ones to get in and out of. Plus there's lots of people around.
kunkstyle
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Re: Re: (Amtron)

Post by kunkstyle »

Quote, originally posted by Sputnik »I opened one in December with PC Financial. I had dumped $3K in there already but I have since taken it out to pay for my vacation. Hm, so much for that. Same here. I'm just using mine as a floating savings. Put it in there when I've got some extra and take it out when I need it. Still gains some interest that way. I've been putting most of my 'saving' money into the stock markets right now instead. The TFSA is acting as a cushion.
Kunkstyle's Garage:2006 AWD Pontiac VibeInfinity/Rockford/Kenwood Audio, CAI, Cupholder LED's, Keyless Entry Mod2000 Porsche 911 C2Kenwood Audio, Ultimate Cupholders, DRL's, 0-60 in 4.9 seconds.
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