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Old 02-03-2009, 10:44 PM   #16
lvan
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I guess have some cash on a side for spending. Saving money is there not to be touched. To tell you the truth, I switched from TD to HSBC. They pay like $ 60/month bucks for around 20K and you can pop it out anytime you like. It's not locked. That is around 3.5% until March 20th ,than it goes abck to 2.7%. TD would charge me 5 bucks per transaction with 1 free transaction. These guys charge 85c per transaction. It works for me.
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Old 02-03-2009, 11:08 PM   #17
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Originally Posted by Robb View Post
The RBC high interest account is at 2.5%, but look at all the fees they charge !
http://www.rbcroyalbank.com/products...e-savings.html
I have this account. I have never been charged ANY fees. you just have to do all the transfers online, and not pay your bills directly from this account.
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Old 02-03-2009, 11:13 PM   #18
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+1

if it was monthly id be taking out serious loans to put into this TFSA
It was not that high , but in 1978 and 1989, the banks would pay high intrest during those slow economic times.
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Old 02-04-2009, 01:01 AM   #19
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so how do the TFSA's work? i mean is there a min amount you have to put in at first? is there a max amount you can put in? like you put $5000 in when you open the account, can you put any more in with in the first year?
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Old 02-04-2009, 09:05 AM   #20
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so how do the TFSA's work? i mean is there a min amount you have to put in at first? is there a max amount you can put in? like you put $5000 in when you open the account, can you put any more in with in the first year?
TFSA = regular savings account that is registered by your financial instution to the Government of Canada and "deemed" a TSFA (not much different from a RRSP savings account)

There are no minimums you are required to put in!

Max in 2009 is $5,000, 2010 will be $5,500 + inflation adjustments thereafter (plus anything else reforms add or take out).

No you cannot put any more, and please note that if you take money out, you cannot put it back in until the following year.





ON A SIDE NOTE:

Saving your money does not affect spending in the economy in the manner in which you think.... If one person saves their money in the bank... the bank does not let that money sit idle... EVER!... that money will be sent out as loans/mortgages/investments... Loans/mortgages/investments are used to purchase most consumer goods. Please do understand that Credit Cards are backed by banks, because banks make the payments on behalf of the Credit Card companies... who then collect that money from the credit card holder... Thus credit card spending is not fictitious... quite real, who ends up paying for the purchases and when is a different story! Simple micro implemented into macro economics
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Old 02-04-2009, 12:42 PM   #21
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^Correct. That's what I was advised by hsbc staff.
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Old 02-06-2009, 03:09 PM   #22
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I don't know why you guys are talking about interest rates in the 1-4% range.

A TFSA account was set up by the GOVERNMENT because they saw that they cannot afford to fund peoples retirement with OAS and CPP so it's another incentive for us. It's a great idea.

It works just like an RRSP as in you can register it under any vehicle you wish, Mutual Fund, GIC, Term Deposit, etc.... but with less contribution room allowed and I don't think it lowers your taxes.

You can put a TFSA under a mutual fund and any interest will grow TAX FREE. UNtil it is pulled out.
To a maximum amount of 5,000 per year which can be carried over every year.

The banks market it as to what they want it to be, another savings account with tax-free benefits, making your usual 2% or whatever. It's horrible.
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Old 02-06-2009, 05:02 PM   #23
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so would be putting some of your earnings into a TFSA be good for the economy, or just for the person saving their money?
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Old 02-06-2009, 06:14 PM   #24
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TFSA is just another option to use, the goverment is just giving the people an incentive to save.

As stated by 325iGuy, its a balance.. saving without spending will choke this economy and spending out of your means will create yet another recession(all started with the sub prime mess in USA).

it is given.. saving is not easy.. let alone keeping to a budget, but if you can; TFSA is good, I prefer this than RRSP; for with TFSA any interest income can be withdrwan and spend without tax consequences.

With RRSP, you are just deferring your taxes, eventually you pay.

Strike a balance...

For $150000 and generating 1.5%, you should look at other investments that will generate much better returns
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Old 02-22-2009, 03:31 PM   #25
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just wondering... didn't see anyone mention this... but i know your only allowed to contribute $5000.00 into the TFSA...

but let's say u have more than one bank account with different banks... like I'm with President Choice and TD... can i open a TFSA with both banks and contribute 5g's into each of them.
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Old 02-22-2009, 04:47 PM   #26
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nope.. not based on how many banks accounts you have..
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Old 02-22-2009, 11:42 PM   #27
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Just what we need, another moron like Bush going and telling everyone to "go out and shop".

Alot of good that did
WTF
haha do you understand how an economy works? It's awesome for an economy if everyone is spending!
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Old 02-23-2009, 08:20 AM   #28
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^ err it's good for the economy if people are spending money that the actually have, but when they are spending money that they don't have... different story.
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Old 02-23-2009, 09:24 AM   #29
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Any money that you take out within the year cannot be put back into the account... you will have to wait till the following year to put it back in... so only withdraw the funds if you really really need them, otherwise leave it be.
IIRC you are allowed to put money back into the account, but only as much as you took out (assuming you put in $5000 right from the get go). You are allowed to maintain a balance of ($5000 x how many years you've had the account open for) + those annual adjustments that you spoke of. So if I open an account this year, three years from now I will have an account that I am allowed to have a max balance of $15,000 at any time.
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Old 02-23-2009, 02:54 PM   #30
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IIRC you are allowed to put money back into the account, but only as much as you took out (assuming you put in $5000 right from the get go). You are allowed to maintain a balance of ($5000 x how many years you've had the account open for) + those annual adjustments that you spoke of. So if I open an account this year, three years from now I will have an account that I am allowed to have a max balance of $15,000 at any time.
to make this simple, assume it's $5,000 every year (no adjustments) and there is a fixed interest rate of 2% (paid annually). After the first year you will have a balance of 5100. after the second year you will have a balance of 10302. after the third year you will have a balance of 15608.04. If you were withdraw the full amount, you can contribute back 15608.04. The interest you earn adds additional contribution room when withdrawn. However, what you withdraw cannot be put back until the start of the the next year. Thus if you withdraw on January 15th, you cannot put that money back in until January 1st of the next year. Likewise if you withdraw money on December 28th, you cant contribute back until January 1st of the next yer (aka 4 days). So withdrawals should be made cautiously.
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