4
votes
2answers
36 views

Investing for Dividend Income with Canadian TFSA

I have a TFSA that I tend to max out every year. I would like to invest this money into stocks that pay me out dividends on a regular basis. I asked a previous question about the tax implications in ...
4
votes
1answer
37 views

Can you point me to the correct US tax forms if I have a Canadian TFSA mutual fund?

I am a Canadian citizen and American permanent resident who invested in a TFSA mutual fund with a Canadian bank. Im looking to be pointed in the right direction for filing American taxes on these ...
4
votes
4answers
113 views

Should I max out my TFSA contribution before any other investments?

I'm still relatively young (I just turned 30), and no debt but mortgage. I'm kind of late to the retirement savings game and still have $15,000+ of contribution room for my TFSA as of this year. As a ...
1
vote
1answer
64 views

Is there a risk I may, eventually, be required to pay taxes on the investment returns from my TFSA?

My TFSA contributions grow, without my having to pay taxes on the growth they experience. Is this benefit likely to continue indefinitely, or will I at some point be required to pay these taxes?
0
votes
1answer
100 views

How can a bank offer a higher interest rate for a savings account than for a GIC?

At this link on rates offered by ICICI, the TFSA savings account rate currently being offered is 1.8% but the GIC rate being offered is 1.75%. But why would anyone put money in a GIC and lock it up ...
4
votes
1answer
101 views

Tax free savings or mutual funds (Canada)

I have an RRSP that over the last two years has held at ~10.3% and I have an emergency fund of $10,000 that is just sitting in my savings account. Would it be prudent to put that whole $10,000 into a ...
5
votes
2answers
149 views

Shelter personal corporation dividends in a TFSA?

As I understand it, it is possible for people who own their own corporation/small business to pay themselves through dividends. Since they own 100% share in the business they receive 100% dividends. ...
2
votes
1answer
639 views

What happens to dividends on stock held in TFSA or RRSP account?

What happens when dividends are paid out on stock held in TFSA or RRSP accounts? Do the payouts get put back into those same registered accounts? Are they considered 'contributions' into those ...
3
votes
2answers
1k views

TD Waterhouse and USD/CAD conversion in TFSA account, or US money market fund?

I spoke to TD Waterhouse about conversion rates from CAD to USD in my TFSA account. They suggested if I want to avoid going back and forth with currency conversion, that they can put it into a USD ...
1
vote
1answer
102 views

TFSA over-contributions: How would the penalty apply in this scenario?

If my TFSA account is maxed and I want to transfer 5000 shares at $1.00 on August 2nd, 2011, and I was to sell the shares at $2.00 on January 3rd, 2012, would I have to pay tax on the gain plus 1% per ...
5
votes
1answer
1k views

Can capital gains from employee stock options be transfered to a TFSA to avoid taxes?

In a scenario where, for example: An employee exercised a "same-day-buy-and-sell" operation on his employee stock options. He ends up making a profit / gain of $10K. He already has a yearly salary of ...
5
votes
3answers
2k views

Is there a penalty if I withdraw from TFSA?

I have a TFSA account to which I have contributed 5000 yearly since past 3 years. Now in emergency, I need to withdraw some money. What are the penalties (if any) I am looking at? Thank you EDIT: My ...
0
votes
1answer
486 views

What is a “Registered” plan, as in, what does “registered” specifically mean, in the context of an RRSP?

What is the meaning of the "Registered" part in "Registered Retirement Savings Plan"? What is an example of an unregistered savings plan?
2
votes
2answers
228 views

What happens if TFSA contribution limits are exceeded?

When CRA says the annual limit for a TFSA is $5000, what does it mean? What happens if I put in $6000. The gains will be taxed? How exactly? Divide the gains by 1/6, then tax the 1/6 part???
1
vote
2answers
340 views

Does the interest rate on a savings account always fluctuate? What about for a TFSA?

When we say 'Savings Account', does it automatically mean that the interest rate can go up and down? So by that definition, the interest rate on TFSA can go up and down any time?
1
vote
1answer
182 views

Compounding difference between these TFSA Savings Account & TFSA GIC interest rates?

From the brochure of my bank, here is an excerpt: Interest on the TFSA Savings Account is calculated daily and paid monthly. Interest on TFSA GICs is compounded annually and paid at the end of ...
2
votes
2answers
458 views

What is the real tax benefit of Tax Free Savings Accounts (TFSA) vs normal (unregistered) savings or investment accounts?

From an investor's point of view, are investment options that are allowed to grow 'tax free' a beneficial choice? The investor is anyway going to pay tax once he withdraws the money*. What I am ...
3
votes
2answers
225 views

How can I determine which is right for me, RRSP or TFSA, if any at all?

I'm 22 years old, and currently dumping all my money into my general savings account. I'd like to take this further but I'm not sure where to go with this. What type of savings account should I get ...
2
votes
1answer
543 views

Questrade: Tax Free Trading Account. Why don't other brokers in Canada have these?

I noticed Questrade has a Tax Free Trading Account. Is this too good to be true? Why do other brokers not have a "Tax Free Trading Account" where your gains are not taxed and where you can contribute ...
0
votes
3answers
600 views

Where is a good place to open a Tax Free Savings Account (TFSA)?

I'm looking to open a Tax Free Savings Account. Where is a good place to open one? Which kind of Tax Free Savings Account would you recommend?
3
votes
1answer
2k views

I have not yet invested into a TFSA - how much can I invest in 2011?

I have not yet created a TFSA, nor invested anything in it. I am looking to put some money in in 2011, what will my cap be?
2
votes
3answers
740 views

Is a Canadian TFSA similar to an American Roth IRA?

Canada never used to have a "pay tax now, but don't pay tax later" investment option, until 2009 when the TFSA (Tax-Free Savings Account) was created. Is this fundamentally the same as a US Roth IRA? ...
1
vote
2answers
138 views

TFSA Withdrawals

If my TFSA is worth $25000 and I only put in for 2 years ($10000), can I withdraw the $25000 and put it back in later, or am I only allowed to put the original $10000 back in (assuming this withdrawal ...
1
vote
1answer
253 views

How does the 1% penalty on TFSA transfers work? [Canada]

Update - clarification to potential penalty situations. The maximum annual contribution limit to a TFSA is $5000 per year. This makes it a good emergency fund vehicle. If I: transfer money out ...
5
votes
2answers
329 views

What is a good place to park a Christmas bonus? Pay down the mortgage, TFSA or RRSP?

Many companies in Canada tend to pay out bonuses around Christmas time. If one is fortunate enough to get one this year what is the best strategy for the bonus? TFSA's have a limit of $5000 yearly. ...
4
votes
2answers
585 views

What type of investments should be in a TFSA, given its tax-free growth and withdrawal benefits?

What does an optimal TFSA portfolio look like? What type of investments should be in it given its tax-free growth and withdrawal benefits?
6
votes
2answers
594 views

TFSA vs. RRSP… Best retirement approach

What's the best retirement strategy? Assuming I have $1000 and room in both my TFSA and RRSP contribution, where should the $1000 go?
7
votes
3answers
269 views

Which account should I put my money to get the most tax benefit?

I have $5,000 that I would like to put in to an investment account. To get the maximum tax benefit, should I put it in my RRSP, my child's RESP, or my TFSA account? I have enough room in each of ...