Young is a writer and former owner of Young and Thrifty and the main "twitter' behind Young and Thrifty's twitter account. She lives in Vancouver, BC and enjoys long walks on the beach, spending time with her anxious dog, and finding good deals. If you like what you read, consider signing up for email updates.

6 Responses to TFSA (Tax Free Savings Accounts) Basics

  1. Agreed, it was SUPER hard to get a TD E-Series RRSP account. It’s like they don’t want you to get one, so that they can take more of your money by charging higher MERs. Even now, whenever I buy new funds, I get an e-mail saying that my request is not compatible with my investment profile & won’t be completed. Then I have to call in and get them to do it manually. Freaking pain in the butt!
    .-= krystalatwork´s last blog ..Extra income =-.

    • Lol, it’s like a TD bank conspiracy! I think that when they do their training or updates, they just point-blank don’t tell the tellers about the E-series. Which makes sense, I suppose- the MER’s that you’re saving is from TD bank not wasting their employee training $ talking to them about it. Woohoo- seems like we save the 2.5% on real-live-person customer service. =P Though I must say the telephone customer service from TD e-series personnel is great.

      That sounds annoying! Do you buy a new investment regularly? Maybe you could have it done automatically (it’s easy to set up- you just put the $ amount that you want and then it takes it from your chequing account every month or however freqent you want).

  2. would you not be able to contribute $8000 and not $7000??

    “Any unused space in your $5000 can be carried forward to next years (e.g. you only contributed $2000 in 2009, you can contribute $7000 in 2010) “

    • @mike- Sorry! I think you caught my typo there (sorry I am only human lol), yes you would contribute $8000 and not $7000 if you contributed $2000 the previous year (as there is $3000 of unused TFSA space).

  3. I own 5% of the shares in a company that is a holding company in Bermuda with operations in Mexico, USA and Canada can I place these shares in my TFSA if so how would I go about doing so? Since this is a new start up how would I determine the value of the shares for CRA purposes? Thanks for any help you can be.

    • If the company isn’t publically traded I’m not sure how that would work. I hesitate to even take a guess at this point, far better off asking a specialist I would think.

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