Comments on: Tax Free Savings Account (TFSA) Canada: Details & Strategies http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm Building Wealth through Saving and Investing Tue, 16 Mar 2010 22:04:48 -0400 http://wordpress.org/?v=abc hourly 1 By: FrugalTrader http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm/comment-page-4#comment-111163 FrugalTrader Wed, 24 Feb 2010 18:39:23 +0000 http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm#comment-111163 Chris, one option is to simply withdraw the money from CIBC near the end of the year, then redeposit into a new account ING or other in 2011. That way, you'll face no fees. However, in the big picture, if you have $10k in your tfsa, and missing out on 2% for the year, that equates to $200 in lost investment income. But that is also assuming that ING keeps their interest rate at 3%. Chris, one option is to simply withdraw the money from CIBC near the end of the year, then redeposit into a new account ING or other in 2011. That way, you’ll face no fees. However, in the big picture, if you have $10k in your tfsa, and missing out on 2% for the year, that equates to $200 in lost investment income. But that is also assuming that ING keeps their interest rate at 3%.

]]> By: Chris http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm/comment-page-4#comment-111157 Chris Wed, 24 Feb 2010 17:39:48 +0000 http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm#comment-111157 My spouse signed me up for TFSA at CIBC for a measly 1%. ING is offering 3% TFSA however CIBC is charging $100 to transfer a TFSA to another institution. I think I screwed up my best TFSA option? Can't I just cancel my TFSA at CIBC then open a new one at ING to avoid any $100 transfer penalties? My spouse signed me up for TFSA at CIBC for a measly 1%. ING is offering 3% TFSA however CIBC is charging $100 to transfer a TFSA to another institution. I think I screwed up my best TFSA option?

Can’t I just cancel my TFSA at CIBC then open a new one at ING to avoid any $100 transfer penalties?

]]> By: Jan 2010 Net Worth Update (+4.43) | Finance Blog http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm/comment-page-4#comment-109982 Jan 2010 Net Worth Update (+4.43) | Finance Blog Tue, 26 Jan 2010 11:23:24 +0000 http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm#comment-109982 [...] Tax Free Savings Account (TFSA) [...]

[...] Tax Free Savings Account (TFSA) [...]

]]> By: Rethinking The Latte Factor® | Finance Blog http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm/comment-page-4#comment-109914 Rethinking The Latte Factor® | Finance Blog Mon, 25 Jan 2010 11:49:49 +0000 http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm#comment-109914 [...] Tax Free Savings Account (TFSA) [...]

[...] Tax Free Savings Account (TFSA) [...]

]]> By: My Financial Goals for 2010 | Finance Blog http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm/comment-page-4#comment-109530 My Financial Goals for 2010 | Finance Blog Wed, 13 Jan 2010 13:46:19 +0000 http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm#comment-109530 [...] TFSA’s – I was pretty slack with the TFSA’s in 2009, but I plan to change that in 2010.  I plan to make good use of the $15,000 remaining in [...]

[...] TFSA’s – I was pretty slack with the TFSA’s in 2009, but I plan to change that in 2010.  I plan to make good use of the $15,000 remaining in [...]

]]> By: My Financial Goals for 2010 | Million Dollar Journey http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm/comment-page-4#comment-109524 My Financial Goals for 2010 | Million Dollar Journey Wed, 13 Jan 2010 10:31:24 +0000 http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm#comment-109524 [...] TFSA’s – I was pretty slack with the TFSA’s in 2009, but I plan to change that in 2010.  I plan to make good use of the $15,000 remaining in [...]

[...] TFSA’s – I was pretty slack with the TFSA’s in 2009, but I plan to change that in 2010.  I plan to make good use of the $15,000 remaining in [...]

]]> By: 2009 Financial Goals Evaluation | Finance Blog http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm/comment-page-4#comment-109196 2009 Financial Goals Evaluation | Finance Blog Wed, 06 Jan 2010 11:59:05 +0000 http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm#comment-109196 [...] Tax Free Savings Account (TFSA) [...]

[...] Tax Free Savings Account (TFSA) [...]

]]> By: MDJ 3rd Anniversary Giveaway Winners | Finance Blog http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm/comment-page-4#comment-109188 MDJ 3rd Anniversary Giveaway Winners | Finance Blog Wed, 06 Jan 2010 09:35:08 +0000 http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm#comment-109188 [...] Tax Free Savings Account (TFSA) [...]

[...] Tax Free Savings Account (TFSA) [...]

]]> By: Bah Humbug! : 3 Ways to Be More Like Scrooge | Finance Blog http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm/comment-page-4#comment-109178 Bah Humbug! : 3 Ways to Be More Like Scrooge | Finance Blog Wed, 06 Jan 2010 09:31:34 +0000 http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm#comment-109178 [...] Tax Free Savings Account (TFSA) [...]

[...] Tax Free Savings Account (TFSA) [...]

]]> By: Year End Tax Tips: 2009 | Finance Blog http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm/comment-page-4#comment-109171 Year End Tax Tips: 2009 | Finance Blog Wed, 06 Jan 2010 09:29:18 +0000 http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm#comment-109171 [...] Tax Free Savings Account (TFSA) [...]

[...] Tax Free Savings Account (TFSA) [...]

]]> By: Smith Manoeuvre Update December 2009 | Finance Blog http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm/comment-page-4#comment-109169 Smith Manoeuvre Update December 2009 | Finance Blog Wed, 06 Jan 2010 09:28:43 +0000 http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm#comment-109169 [...] Tax Free Savings Account (TFSA) [...]

[...] Tax Free Savings Account (TFSA) [...]

]]> By: Tooth Fairy Economy | Finance Blog http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm/comment-page-4#comment-109167 Tooth Fairy Economy | Finance Blog Wed, 06 Jan 2010 09:28:13 +0000 http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm#comment-109167 [...] Tax Free Savings Account (TFSA) [...]

[...] Tax Free Savings Account (TFSA) [...]

]]> By: How to Avoid or Reduce Bank Fees | Finance Blog http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm/comment-page-4#comment-109155 How to Avoid or Reduce Bank Fees | Finance Blog Wed, 06 Jan 2010 09:25:05 +0000 http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm#comment-109155 [...] Tax Free Savings Account (TFSA) [...]

[...] Tax Free Savings Account (TFSA) [...]

]]> By: yes http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm/comment-page-4#comment-109055 yes Tue, 05 Jan 2010 03:36:33 +0000 http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm#comment-109055 ING Direct - New orange keys 32997469S1 or 32997475S1 ING Direct is offering new clients a $25 bonus that will be deposited into any account that is opened with a minimum deposit of $100. This includes the un-mortgage, GIC, RSP, and Streetwise funds. ING?s tax-free savings account is currently paying 3% per annum interest. Once you get your $25 bonus deposit, your initial investment of $100 grows to $125 which is an instant 25% rate of return, plus you will get their current interest rate of 3% interest per year. After one year that is like earning almost 28% interest on your $100. ING is definitely recommended to anyone who is fed up with having their money sitting in an ordinary bank account, earning little interest while being service charged away. With ING, there are no service charges and no fees at all! Use this Orange Key Number when signing up - 32997469S1 OR 32997475S1. Signing up is easy. Just go to ingdirect.ca or call 1-800-464-3473 or 1-888-464-8787. If you are wondering what is in it for me?? Every time a new client signs up using the above Orange Key number, ING gives me $25 too. I can get upwards of 50 referrals. When you are done signing up with ING, you can get an Orange key number too that you can use to get upwards of 50 referrals. Gotta love ING!!! Happy saving! ING Direct – New orange keys 32997469S1 or 32997475S1

ING Direct is offering new clients a $25 bonus that will be deposited into any account that is opened with a minimum deposit of $100. This includes the un-mortgage, GIC, RSP, and Streetwise funds.

ING?s tax-free savings account is currently paying 3% per annum interest.

Once you get your $25 bonus deposit, your initial investment of $100 grows to $125 which is an instant 25% rate of return, plus you will get their current interest rate of 3% interest per year. After one year that is like earning almost 28% interest on your $100.

ING is definitely recommended to anyone who is fed up with having their money sitting in an ordinary bank account, earning little interest while being service charged away. With ING, there are no service charges and no fees at all!

Use this Orange Key Number when signing up – 32997469S1 OR 32997475S1.

Signing up is easy. Just go to ingdirect.ca or call
1-800-464-3473 or
1-888-464-8787.

If you are wondering what is in it for me?? Every time a new client signs up using the above Orange Key number, ING gives me $25 too. I can get upwards of 50 referrals. When you are done signing up with ING, you can get an Orange key number too that you can use to get upwards of 50 referrals.

Gotta love ING!!! Happy saving!

]]> By: 8 Financial Resolution Ideas for 2010 | Million Dollar Journey http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm/comment-page-4#comment-108864 8 Financial Resolution Ideas for 2010 | Million Dollar Journey Tue, 29 Dec 2009 10:30:42 +0000 http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm#comment-108864 [...] you haven’t opened a TFSA yet, now is the time to do it. For the first few years of savings (you get $5000 a year [...]

[...] you haven’t opened a TFSA yet, now is the time to do it. For the first few years of savings (you get $5000 a year [...]

]]> By: Case Study: Retirement Soon, RRSP or Mortgage? | Million Dollar Journey http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm/comment-page-4#comment-107517 Case Study: Retirement Soon, RRSP or Mortgage? | Million Dollar Journey Wed, 25 Nov 2009 10:30:21 +0000 http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm#comment-107517 [...] before any RRSP contributions.  Once debt is eliminated, I would personally move to maxing out the TFSA, then to the RRSP.  I would go that route because RRSP withdrawals are taxed as income which would [...]

[...] before any RRSP contributions.  Once debt is eliminated, I would personally move to maxing out the TFSA, then to the RRSP.  I would go that route because RRSP withdrawals are taxed as income which would [...]

]]> By: Income Splitting Options | Million Dollar Journey http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm/comment-page-4#comment-107344 Income Splitting Options | Million Dollar Journey Wed, 18 Nov 2009 14:47:32 +0000 http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm#comment-107344 [...] of the perks of the new tax free savings account (TFSA) is that the higher income spouse can contribute to the lower income spouses TFSA without any tax [...]

[...] of the perks of the new tax free savings account (TFSA) is that the higher income spouse can contribute to the lower income spouses TFSA without any tax [...]

]]> By: FrugalTrader http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm/comment-page-4#comment-106752 FrugalTrader Sat, 31 Oct 2009 11:12:38 +0000 http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm#comment-106752 new old guy, personally, I would recommend maxing out what your employer will match. Free money is free money. After that, it would be up to you what to do with the money. If you are still in a higher tax bracket after the 10% RRSP contribution, then it may be in your best interest to contribute more. new old guy, personally, I would recommend maxing out what your employer will match. Free money is free money. After that, it would be up to you what to do with the money. If you are still in a higher tax bracket after the 10% RRSP contribution, then it may be in your best interest to contribute more.

]]> By: The new old guy http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm/comment-page-4#comment-106749 The new old guy Sat, 31 Oct 2009 01:37:37 +0000 http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm#comment-106749 This could be a long question but I will try and keep it short. I am almost 38 married with 2 young kids, 2 and 3. I have about 40k in a pension fund with my old job ad my new job does matching RRSPs which is at 10%. My wife has rrsps aswell likely closer to about 5%. We both have lots of top up room in our RRSP's. I was looking at a TFSA with RBC, but realise ING or someone else will likely be cheaper. I am thinking of using the TFSA for a combo of emergency money, kids educations, retirement top up etc. The TFSA would hold some MMF's, ETFS, maybe some divedend stocks. I never really thought a lot about these things when was on the pension plan, but now I am playing catch up and trying to learn quickly. I appreciate any feed back. This could be a long question but I will try and keep it short. I am almost 38 married with 2 young kids, 2 and 3. I have about 40k in a pension fund with my old job ad my new job does matching RRSPs which is at 10%. My wife has rrsps aswell likely closer to about 5%. We both have lots of top up room in our RRSP’s. I was looking at a TFSA with RBC, but realise ING or someone else will likely be cheaper. I am thinking of using the TFSA for a combo of emergency money, kids educations, retirement top up etc. The TFSA would hold some MMF’s, ETFS, maybe some divedend stocks. I never really thought a lot about these things when was on the pension plan, but now I am playing catch up and trying to learn quickly. I appreciate any feed back.

]]> By: Proposed TFSA Changes | Million Dollar Journey http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm/comment-page-4#comment-106443 Proposed TFSA Changes | Million Dollar Journey Wed, 21 Oct 2009 10:30:27 +0000 http://www.milliondollarjourney.com/federal-budget-2008-tax-free-savings-account-tfsa.htm#comment-106443 [...] I get too far ahead of myself, lets get back to basics.  A tax free savings account (TFSA) is an account where investments can compound tax free.  Tax refunds are not offered on deposits, [...]

[...] I get too far ahead of myself, lets get back to basics.  A tax free savings account (TFSA) is an account where investments can compound tax free.  Tax refunds are not offered on deposits, [...]

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