Comments on: ING Offers TFSA Sweetener

By: TheProfitMaze

TheProfitMaze — Fri, 07 Nov 2008 01:18:51 +0000

Just sent them an email. Will let you know what they say.

By: Four Pillars

Four Pillars — Thu, 06 Nov 2008 21:14:00 +0000

ProfitMaze – you should give them a call and find out.

Let me know.

Mike

By: TheProfitMaze

TheProfitMaze — Thu, 06 Nov 2008 18:39:15 +0000

Hi,

I am wondering if it is possible to open a TFSA e-fund account at TD ?

By: Four Pillars

Four Pillars — Fri, 24 Oct 2008 10:08:10 +0000

Hi Shevy, yes you can.

6 months of $500 contributions = $3,000. This means you can put another $2,000 worth of contributions in for the remainder of the year, regardless of what you do with the existing ($3k) contributions.

Any withdrawals you make, do not affect the contribution room for that year.

By: Shevy

Shevy — Fri, 24 Oct 2008 07:10:37 +0000

Right, but if you put $500 per month into it and 6 months from now you take out $2,000 (leaving $1,000 in the account) can you still put another $2 grand into it over the course of the year (totalling $5,000 in total donations for the year)?

I’m unclear about that aspect of it.

By: Four Pillars

Four Pillars — Thu, 23 Oct 2008 11:05:19 +0000

Shevy – that’s exactly what we are doing.

One point tho – if you use up your contribution room for the year, if you take it out – that amount gets added back to your contribution room – but only for the next year.

For ex. if you put $5k into a TFSA in January, then withdraw $2000 in Feb. You can’t contribute anymore for 2008. Your contribution room for 2009 will be $7,000. So you can’t quite use it like a regular bank account.

I should probably post on that.

By: Shevy

Shevy — Thu, 23 Oct 2008 04:48:54 +0000

Since the thing about the TFSA is that you can put money in and take it out whenever you want (unlike with your RRSP) does anyone think it would be a good idea to move your emergency fund (and/or whatever other accounts you may have with ING) over into a TFSA?

By: Miss.Adventure

Miss.Adventure — Wed, 22 Oct 2008 20:22:43 +0000

I’m sorry, I just realized you answered my question. Please ignore!

By: Miss.Adventure

Miss.Adventure — Wed, 22 Oct 2008 20:21:43 +0000

I opened a TFSA with ING because I already had an ING account. I was wondering if you can have more than one TFSA account, i.e. at different banks. What I’m wondering is in the future, can I open a TFSA account at RBC? It seems more advantageous to be able to buy stocks, which I’m not sure I can do with ING.

By: Four Pillars

Four Pillars — Wed, 22 Oct 2008 18:30:53 +0000

Jay – The TFSA works the same way as the RRSP with respect to contribution limits and accounts – you can set up as many accounts as you wish, but the total contributions per year cannot exceed $5k (not including carried over amounts).