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Old 10-05-2012, 03:43 PM   #1
maxpower29 [OP] maxpower29 is offline
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maxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shed
 
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Tax Free Saving accounts

Who here uses them, and what do you use? Mutual funds, Direct stocks, GIC or whatever. I'm looking for some input on where on a scale you think your decision to use one is in your opinion.
I'm weighing my options on where to invest a lump sum of money this spring.
I have one opened but its only got a few hundrew dollars in to keep the account open now. I know a decent amount about them already, but with real estate, direct investing stocks, and RRSP, where do you rate their importance to you?
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Old 10-05-2012, 04:11 PM   #2
I've done... questionable things.
OZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shed
 
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Isn't the TFSA limited to a $5000 deposit per year ?
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Old 10-05-2012, 04:54 PM   #3
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ouyin2000 is one of the sharper tools in the shedouyin2000 is one of the sharper tools in the shedouyin2000 is one of the sharper tools in the shedouyin2000 is one of the sharper tools in the shedouyin2000 is one of the sharper tools in the shedouyin2000 is one of the sharper tools in the shedouyin2000 is one of the sharper tools in the shedouyin2000 is one of the sharper tools in the shedouyin2000 is one of the sharper tools in the shedouyin2000 is one of the sharper tools in the shedouyin2000 is one of the sharper tools in the shed
 
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Sort of. It's a max of $5,000 each year cumulative. So if you only put a bit in each month, after 2 years, your cap is increased to $10,000, etc
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Old 10-05-2012, 06:26 PM   #4
maxpower29 [OP] maxpower29 is offline
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maxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shed
 
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No its definitally capped at 5000 a year. Only once too. If you take it out you need to wait for the next calender year to put it back
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Old 10-05-2012, 06:29 PM   #5
maxpower29 [OP] maxpower29 is offline
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maxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shedmaxpower29 is one of the sharper tools in the shed
 
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Quote:
Originally Posted by OZ-T View Post
Isn't the TFSA limited to a $5000 deposit per year ?
Yes but at a good 6-7% return if you add 5000 a year that grows quite fast. Its a good tool to use for anything I think or keep it till you retire and retire 5-10 years earlier using those funds before your RRSP/Pension
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Old 10-05-2012, 06:41 PM   #6
I've done... questionable things.
OZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shed
 
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Quote:
Originally Posted by maxpower29 View Post
Yes but at a good 6-7% return if you add 5000 a year that grows quite fast. Its a good tool to use for anything I think or keep it till you retire and retire 5-10 years earlier using those funds before your RRSP/Pension
Oh ya , definitely a good addition to RRSP's
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