Comments on: Which Tax-Free Savings Account (TFSA)?

By: Traciatim

Traciatim — Fri, 15 Jan 2010 11:15:18 +0000

RatRace,

http://www.cdic.ca/e/coveredornot/coveredornot.html

Mutual funds are listed as not covered by the CDIC. This would be the same for all mutual funds. If you want an account with CDIC protection you will need to choose from their list of eligible institutions and accounts.

By: RatRace

RatRace — Fri, 15 Jan 2010 00:43:43 +0000

Hi,

TD e-Series mutual fund seems to be not covered by CDIC.
Should that be a concern ?

Thanks.

By: Chris W. Rea @ Basically Money

Chris W. Rea @ Basically Money — Fri, 08 Jan 2010 01:11:57 +0000

I just got my new TD Waterhouse “Commission Schedule and Statement of Disclosure of Rates and Fees” and only just noticed (as above) that TDW will waive the $50 TFSA admin fee if household assets exceed $100K. My wife and I qualified for that waiving, but TDW had charged each of our accounts (5 months ago) when we opened the accounts.

SO — it seems that TD *does* *not* in any way automatically “household” your accounts to qualify for waiving of such fees! If you do not call TDW and instruct them to reverse the fee because you qualify with sufficient household assets, then you will, BY DEFAULT, be paying these admin fees even if your assets qualify you to avoid them altogether. It’s a shady practice, requiring customers to call in to get a fee rebated that should never have been charged in the first place.

It’s not as if TDW doesn’t have address or SIN information that let them see our accounts are all related! So, caveat emptor: If you deal with TD Waterhouse, make sure you aren’t paying admin fees that you are rightfully entitled to have waived.

Meanwhile, I’m glad I read the fee schedule, glad I found this page, and glad I just got back $105 for 5 minutes on the phone with TDW!

By: whatsup379

whatsup379 — Thu, 21 May 2009 02:37:14 +0000

is there a good webstie that tells us the best tfsa mutual funds available in the market?

By: Sean

Sean — Wed, 11 Feb 2009 19:53:44 +0000

Just curious as to what everyone thinks is a better idea. Use your $5000 TSFA account to invest in a mutual fund, or high interest savings account. No interest income and capital gains income are taxed different, right?
I would think for long term non registered investments the TSFA would be ideal.

By: Remus

Remus — Tue, 13 Jan 2009 22:40:36 +0000

To be honest with you until TD e-series funds can be kept inside a TD e-series mutual funds TFSA I think that ING DIRECT Streetwise Fund is one of the best options around.
Sadly enough it is not yet offered in Quebec as I asked. So for starters I parked the 5k in their savings account and later on in the year I can switch in case it becomes available. The ING DIRECT Streetwise Balanced Growth Class I think provides you with a nice asset allocation for the long term (more or less like CC’s mini portfolio done with td e-series) and with a MER of 1% for all the fund is a good deal for people with low balances like all of us will be in the first 8-10 years in this product, assuming you put 5K per year in.

By: dman

dman — Thu, 04 Dec 2008 04:12:11 +0000

cogsy: how did you add a TDW account as a bill payment in PC Financial, what was the exact wording of the bill account name, I can’t seem to find an option for TDW?

By: Canadian Capitalist

Canadian Capitalist — Mon, 01 Dec 2008 21:13:49 +0000

EconStudent: I have no idea because I’ve never withdrawn money from TDW. A quick call and they should be able to explain how to withdraw money out of your account.

By: EconStudent

EconStudent — Mon, 01 Dec 2008 16:10:31 +0000

CC, cogsy: Thanks for the info. How do I withdraw money from a TDW account without a TD Bank account if things deem necessary?

By: cogsy

cogsy — Mon, 01 Dec 2008 12:21:47 +0000

CC, I bank with PC Financial and I have added my TDW account as a bill payment. I simply pay a bill like I would any other and the money is usually there within 48 hours. This works great for me and saves the trip to the branch.