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11-02-2012, 04:13 PM
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#1 | | I have named my kids VIC and VLS
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| Best bank to open TFSA with?
Are there any preferences for TFSA's? Currently my main accounts are with coast capital and my Visa is with RBC, was thinking if talking to RBC regarding it?
Basically looking to out about 800-1000 a month and use it for minor investments?
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11-02-2012, 06:06 PM
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#2 | | I contribute to threads in the offtopic forum
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Questrade, self controlled tfsa
Anything at bank will provide negative real return
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11-02-2012, 08:59 PM
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#3 | | Everyone wants a piece of R S...
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| Quote:
Originally Posted by 4444  Questrade, self controlled tfsa
Anything at bank will provide negative real return | Could you explain why?
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11-02-2012, 10:48 PM
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#4 | | Even when im right, revscene.net is still right!
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Depends on what you want to invest it in.
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11-02-2012, 11:02 PM
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#5 | | My homepage has been set to RS
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Originally Posted by dasani604 Could you explain why? | rate of return < inflation rate + service charges
assuming ur leaving your money in TFSA and a high interest savings acct.
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11-03-2012, 02:34 AM
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#6 | | My homepage has been set to RS
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You should look into the different benefits towards your bank accounts. The top accounts usually have special perks/benefits. For example TD's Select account (top tier account)..
Usually $30/per month (Unless you can keep 5k in the account, fee will be waived)
Perks/Benefits
- Annual fee for 1 Visa is waived (free) (Top card is $120 annually)
- Annual fee for 1 USD Visa + account (Free + preferred USD rate) (Visa $39annually, USD $5 monthly)
- Annuel fee for small safety deposit box (free) ($60 annually)
- Free cheques+drafts (50chqs for $38, drafts usually 7.50 each)
- Non-TD atm (usually $1.5-5, is waived)
- Unlimited transactions
So really to "invest/keep* 5k in your account you get a bundle of free things that would
usually cost you at least $130 each year (just adding the free visa's+usd acc)
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11-03-2012, 07:19 AM
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#7 | | I contribute to threads in the offtopic forum
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| Quote:
Originally Posted by MelonBoy You should look into the different benefits towards your bank accounts. The top accounts usually have special perks/benefits. For example TD's Select account (top tier account)..
Usually $30/per month (Unless you can keep 5k in the account, fee will be waived)
Perks/Benefits
- Annual fee for 1 Visa is waived (free) (Top card is $120 annually)
- Annual fee for 1 USD Visa + account (Free + preferred USD rate) (Visa $39annually, USD $5 monthly)
- Annuel fee for small safety deposit box (free) ($60 annually)
- Free cheques+drafts (50chqs for $38, drafts usually 7.50 each)
- Non-TD atm (usually $1.5-5, is waived)
- Unlimited transactions
So really to "invest/keep* 5k in your account you get a bundle of free things that would
usually cost you at least $130 each year (just adding the free visa's+usd acc) | Pc financial, while not perfect is a good enough bank with everything most need for free (cheques,online banking, use of cibc machines), the rest of what u have listed, while maybe good for some, aren't likely needed by most
Also, with tfsa consider this:
Maximize post tax income
Tfsa is tax free, so u want to use it for tax inefficient income, debt income (corporate debt)
Assuming tfsa is maxed out, I would put can dividends in fully taxed account(margin account) take adv of div tax credit, US div in rrsp (no withholding), cap gains in personal
Rrsp's aren't as good as ppl think - the money back today is great, but any tax efficient income is turned into regular income... I know ur meant to take it out at a lower tax bracket but cap gains at half current tax rate is likely less than full tax rate later in life.... There is time value of the reinvested money now though, that is the trade off
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11-03-2012, 10:26 AM
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#8 | | Rider
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__________________
http://www.revscene.net/forums/dink-8-0-t263995.html
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11-03-2012, 12:05 PM
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#9 | | I contribute to threads in the offtopic forum
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Originally Posted by dink | Hahahahah, 3% at best in 08 (rates have gone down since then), can inflation is about 2% right now, US around 2.5%, so you want to earn <1% or less, go ahead
U can just buy an etf of div paying can stocks, will get u nearer 4% and capital appreciation (assuming you're just investing and forgetting), or preferreds which pay 4-6%, but buying prefs isn't quite as straightforward (have to know the redemption rules, premiums, etc)
Buying into a 'tfsa scheme' at a bank is beyond stupid
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