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Tax Free Saving accounts

Discussion in 'Canada' started by maxpower29, Oct 5, 2012.

  1. Oct 5, 2012 at 3:43 PM
    #1
    maxpower29

    maxpower29 [OP] Well-Known Member

    Joined:
    Mar 7, 2011
    Member:
    #52525
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    First Name:
    Jordan
    Nova Scotia, Canada
    Vehicle:
    2011 Tacoma 4x4 2.7 5 speed SWB
    All season mats, 2nd filter delete, DT header, Jardine cat-back, URD shifter, Bilstein 5100's all around at .85 front with Eibachs + .25 passenger/.5 drivers spacers and 1.5 AAL, 0w20 synthetic, Scanguage II, extra D rings, OEM backup camera+Mirror, bed mat, Extang Solid Fold, Popnlock 5300, Pro Comp 7089's 4.5bs 285/70/17 Revo 2s, De-badged
    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?
     
  2. Oct 5, 2012 at 4:11 PM
    #2
    OZ-T

    OZ-T All of those moments....will be lost.....in time

    Joined:
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    Peter North
    British Columbia
    Vehicle:
    Mag Grey 09 Trd Sport DCLB 4x4
    OME 885x , OME shocks and Dakars , Wheelers SuperBumps front and rear , 275/70/17 Hankook ATm , OEM bed mat , Weathertech digifit floor liners , Weathertech in-channel vents , headache rack , Leer 100RCC commercial canopy , TRD bedside decals removed , Devil Horns by Andres , HomerTaco Satoshi
    Isn't the TFSA limited to a $5000 deposit per year ?
     
  3. Oct 5, 2012 at 4:54 PM
    #3
    ouyin2000

    ouyin2000 Well-Known Member

    Joined:
    Oct 16, 2010
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    Ryan
    Arlington, Virginia
    Vehicle:
    '11 DCSB TRD Sport
    Leer 100XL Canopy, OEM Side steps, TRD Oil Cap, TRD License Plate Cover, WeatherTech Digital Fit Liners, Elite O/R Hitch Shackle, Katzkin Leather Interior, LED Interior Lighting, Foglight Anytime mod, Illuminated 4x4 switch, Grom Audio Aux adapter, Redline Goods leather shift boot console cover and door handle pulls, Sockmonkey bedside decals, Dynolock electric tailgate lock
    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
     
  4. Oct 5, 2012 at 6:26 PM
    #4
    maxpower29

    maxpower29 [OP] Well-Known Member

    Joined:
    Mar 7, 2011
    Member:
    #52525
    Messages:
    5,904
    Gender:
    Male
    First Name:
    Jordan
    Nova Scotia, Canada
    Vehicle:
    2011 Tacoma 4x4 2.7 5 speed SWB
    All season mats, 2nd filter delete, DT header, Jardine cat-back, URD shifter, Bilstein 5100's all around at .85 front with Eibachs + .25 passenger/.5 drivers spacers and 1.5 AAL, 0w20 synthetic, Scanguage II, extra D rings, OEM backup camera+Mirror, bed mat, Extang Solid Fold, Popnlock 5300, Pro Comp 7089's 4.5bs 285/70/17 Revo 2s, De-badged
    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
     
  5. Oct 5, 2012 at 6:29 PM
    #5
    maxpower29

    maxpower29 [OP] Well-Known Member

    Joined:
    Mar 7, 2011
    Member:
    #52525
    Messages:
    5,904
    Gender:
    Male
    First Name:
    Jordan
    Nova Scotia, Canada
    Vehicle:
    2011 Tacoma 4x4 2.7 5 speed SWB
    All season mats, 2nd filter delete, DT header, Jardine cat-back, URD shifter, Bilstein 5100's all around at .85 front with Eibachs + .25 passenger/.5 drivers spacers and 1.5 AAL, 0w20 synthetic, Scanguage II, extra D rings, OEM backup camera+Mirror, bed mat, Extang Solid Fold, Popnlock 5300, Pro Comp 7089's 4.5bs 285/70/17 Revo 2s, De-badged
    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
     
  6. Oct 5, 2012 at 6:41 PM
    #6
    OZ-T

    OZ-T All of those moments....will be lost.....in time

    Joined:
    Dec 15, 2009
    Member:
    #27584
    Messages:
    23,284
    Gender:
    Male
    First Name:
    Peter North
    British Columbia
    Vehicle:
    Mag Grey 09 Trd Sport DCLB 4x4
    OME 885x , OME shocks and Dakars , Wheelers SuperBumps front and rear , 275/70/17 Hankook ATm , OEM bed mat , Weathertech digifit floor liners , Weathertech in-channel vents , headache rack , Leer 100RCC commercial canopy , TRD bedside decals removed , Devil Horns by Andres , HomerTaco Satoshi
    Oh ya , definitely a good addition to RRSP's
     
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