Comments on: Tax-Free Savings Account (TFSA) http://www.canadiancapitalist.com/tax-free-savings-account-tfsa/ Helping you invest and prosper Sun, 12 Feb 2012 00:54:40 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Walter http://www.canadiancapitalist.com/tax-free-savings-account-tfsa/#comment-1255833 Walter Fri, 16 Dec 2011 15:26:40 +0000 http://www.canadiancapitalist.com/2008/02/26/tax-free-savings-account-tfsa#comment-1255833 Oh my god Ben.... what a comment !!! Ben it doesn't matter who or how many TFSA accounts you have or opened. Its based on the total amount deposited in any give year. For example. you could open 10 TFSA with as many banks but, the max that you can deposit for that year is 5k. (assuming that you haven't deposited your max from the other years) So it will stand that you could have the maximum deposited into a TFSA acount/s starting January 1st is 20k. You CANNOT deposit 5k in each 10 different accounts and not expect the tax department not seizing it. Oh my god Ben…. what a comment !!!
Ben it doesn’t matter who or how many TFSA accounts you have or opened. Its based on the total amount deposited in any give year.

For example. you could open 10 TFSA with as many banks but, the max that you can deposit for that year is 5k. (assuming that you haven’t deposited your max from the other years) So it will stand that you could have the maximum deposited into a TFSA acount/s starting January 1st is 20k.
You CANNOT deposit 5k in each 10 different accounts and not expect the tax department not seizing it.

]]> By: ben http://www.canadiancapitalist.com/tax-free-savings-account-tfsa/#comment-1253665 ben Fri, 16 Dec 2011 04:56:30 +0000 http://www.canadiancapitalist.com/2008/02/26/tax-free-savings-account-tfsa#comment-1253665 I have a TFSA on TD and it is limited to $5000 a year, what if I apply another TFSA in other bank, so that means I can save another $5000 a year. I have a TFSA on TD and it is limited to $5000 a year, what if I apply another TFSA in other bank, so that means I can save another $5000 a year.

]]> By: walter http://www.canadiancapitalist.com/tax-free-savings-account-tfsa/#comment-864685 walter Wed, 31 Aug 2011 15:59:57 +0000 http://www.canadiancapitalist.com/2008/02/26/tax-free-savings-account-tfsa#comment-864685 @Howard Hare, You cannot open a TFSA for a non resident, the "paying Tax" is a non issue as a person that lives in Canada and only makes 10k per year can put 5k into a TFSA. To expand on the non resident issue, your son has (As I understand it) lose the year/s of contribution room that is granted every. So if he moves back to Canada then that is the year that he can put in 5k and not from when this program started. Question where does your son live now? (which country)? @Howard Hare, You cannot open a TFSA for a non resident, the “paying Tax” is a non issue as a person that lives in Canada and only makes 10k per year can put 5k into a TFSA. To expand on the non resident issue, your son has (As I understand it) lose the year/s of contribution room that is granted every. So if he moves back to Canada then that is the year that he can put in 5k and not from when this program started.
Question where does your son live now? (which country)?

]]> By: Howard Hare http://www.canadiancapitalist.com/tax-free-savings-account-tfsa/#comment-864433 Howard Hare Wed, 31 Aug 2011 12:51:03 +0000 http://www.canadiancapitalist.com/2008/02/26/tax-free-savings-account-tfsa#comment-864433 I think I knowthe answer, but Our Son has been Non Residant for several years, pays No Taxes here, can we set up a TFSA Account for him as eventually He will return? I think I knowthe answer, but Our Son has been Non Residant for several years, pays No Taxes here, can we set up a TFSA Account for him as eventually He will return?

]]> By: A Blanket Ban on RRSP Swaps is a Bad Idea | Canadian Capitalist http://www.canadiancapitalist.com/tax-free-savings-account-tfsa/#comment-718893 A Blanket Ban on RRSP Swaps is a Bad Idea | Canadian Capitalist Thu, 07 Jul 2011 03:50:22 +0000 http://www.canadiancapitalist.com/2008/02/26/tax-free-savings-account-tfsa#comment-718893 [...] end up issuing a blanket ban on swaps in RRSPs as many did when similar rules were introduced for Tax-Free Savings Accounts (TFSAs). One can skirt a blanket ban on swaps by buying and selling assets separately in two [...] [...] end up issuing a blanket ban on swaps in RRSPs as many did when similar rules were introduced for Tax-Free Savings Accounts (TFSAs). One can skirt a blanket ban on swaps by buying and selling assets separately in two [...]

]]> By: David http://www.canadiancapitalist.com/tax-free-savings-account-tfsa/#comment-656063 David Wed, 22 Jun 2011 03:44:31 +0000 http://www.canadiancapitalist.com/2008/02/26/tax-free-savings-account-tfsa#comment-656063 If I have an investment in a TFSA and receive a dividend cheque, that cheque is tax free right? If I have an investment in a TFSA and receive a dividend cheque, that cheque is tax free right?

]]> By: Canadian Capitalist http://www.canadiancapitalist.com/tax-free-savings-account-tfsa/#comment-542949 Canadian Capitalist Sun, 22 May 2011 01:05:56 +0000 http://www.canadiancapitalist.com/2008/02/26/tax-free-savings-account-tfsa#comment-542949 @Byron: Which brokerage do you have your accounts with? Converting currency back and forth is a huge profit center for many brokers. I have my accounts with TD Waterhouse, which offers what it calls wash trading that allows clients to avoid forced currency conversions of the kind you were hit with. http://www.canadiancapitalist.com/automatic-wash-trading-at-td-waterhouse/ Check out other posts on this topic on this blog: http://www.canadiancapitalist.com/category/investing/currency-conversion/ @Byron: Which brokerage do you have your accounts with? Converting currency back and forth is a huge profit center for many brokers. I have my accounts with TD Waterhouse, which offers what it calls wash trading that allows clients to avoid forced currency conversions of the kind you were hit with.

http://www.canadiancapitalist.com/automatic-wash-trading-at-td-waterhouse/

Check out other posts on this topic on this blog:

http://www.canadiancapitalist.com/category/investing/currency-conversion/

]]> By: Byron http://www.canadiancapitalist.com/tax-free-savings-account-tfsa/#comment-542848 Byron Sat, 21 May 2011 23:11:53 +0000 http://www.canadiancapitalist.com/2008/02/26/tax-free-savings-account-tfsa#comment-542848 Could anyone confirm for me if this is correct? I opened a Canadian TFSA thru my bank and I deposited $5000.00 and invested it in a U.S. stock on the N.York exchange.There was the intial charge for the conversion to U.S. dollars by the bank for doing the brokerage transaction. After making a profit on this investment,I sold it and purchased another stock on the N.York exchange only seconds later.When I received the settlement statement,it showed that the bank converted the funds from the sale of the stock immediately into Canadian dollars and then back to U.S. dollars to make the next trade purchase.The bank charged me a whopping 11% when I sold the shares and 7% when I purchased them. I enquired at the bank and they said that under Canadian law that foreign funds cannot be held in a Canadian TFSA even if using them to purchase another stock the same day.All the money I made on the sale of the stock was chewed up by the Bank. Is it true that U.S. funds cannot be held for any lenght to mtime in the TFSA? Does anyone know if this is true? Thank-you. Could anyone confirm for me if this is correct? I opened a Canadian TFSA thru my bank and I deposited $5000.00 and invested it in a U.S. stock on the N.York exchange.There was the intial charge for the conversion to U.S. dollars by the bank for doing the brokerage transaction. After making a profit on this investment,I sold it and purchased another stock on the N.York exchange only seconds later.When I received the settlement statement,it showed that the bank converted the funds from the sale of the stock immediately into Canadian dollars and then back to U.S. dollars to make the next trade purchase.The bank charged me a whopping 11% when I sold the shares and 7% when I purchased them. I enquired at the bank and they said that under Canadian law that foreign funds cannot be held in a Canadian TFSA even if using them to purchase another stock the same day.All the money I made on the sale of the stock was chewed up by the Bank. Is it true that U.S. funds cannot be held for any lenght to mtime in the TFSA? Does anyone know if this is true? Thank-you.

]]> By: Byron http://www.canadiancapitalist.com/tax-free-savings-account-tfsa/#comment-542835 Byron Sat, 21 May 2011 22:47:56 +0000 http://www.canadiancapitalist.com/2008/02/26/tax-free-savings-account-tfsa#comment-542835 It is pretty amazing that the Canadian Government would even allow it's citizens a chance to build any sort of wealth that was not subjected to the tax man (TFSA). It seems almost to good to be true! Do you think that someday they may come along and take it way again? I hope not. :) It is pretty amazing that the Canadian Government would even allow it’s citizens a chance to build any sort of wealth that was not subjected to the tax man (TFSA). It seems almost to good to be true! Do you think that someday they may come along and take it way again? I hope not. :)

]]> By: Walter http://www.canadiancapitalist.com/tax-free-savings-account-tfsa/#comment-470180 Walter Thu, 07 Apr 2011 07:45:13 +0000 http://www.canadiancapitalist.com/2008/02/26/tax-free-savings-account-tfsa#comment-470180 Rob, a) no your gain goes into my account.. Come on Rob what kind of a question is that where else would it go? b) no, How did you think of such a $#& question like that. Since you said that you bought a penny stock from your TFSA. Rob its not April 1st and its wasn't funny. Rob,
a) no your gain goes into my account.. Come on Rob what kind of a question is that where else would it go?
b) no, How did you think of such a $#& question like that. Since you said that you bought a penny stock from your TFSA. Rob its not April 1st and its wasn’t funny.

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