Personal Finance

The Official RFD TFSA thread for Savings Accounts! (Updated as of 08/04/2018)

Deal Addict
Apr 2, 2010
1392 posts
596 upvotes
GTA
titaniumtux wrote:
Oct 20th, 2018 12:22 am
That was the old rate, prior to the 2018 increases. I can assure you once logged in and account opened, you'll see the rate.




Agreed! But the $5 withdrawal fee is annoying.
Thanks for the clarification.
Newbie
Aug 22, 2017
26 posts
3 upvotes
Hi,

I`m new(-ish) to Canada and investing in general, but have about 15K sitting in CIBC savings account right now. After considering my options, I decided to put about 1K in a GRSP (up to employer-match) with the rest going to a TFSA. I`m struggling though with selecting the most appropriate institution for my TFSA - what should I be prioritizing? I'm 25yo living in BC, earn $56K but expecting to increase my earnings a bit over the next couple of years. I'd like to buy a place somewhere in 5 years or so; not planning to retire early. My TFSA contribution room should be $11K (employed since May 2017).
Deal Addict
Mar 8, 2013
1942 posts
717 upvotes
Vitesze wrote:
Oct 26th, 2018 12:29 pm
Hi,

I`m new(-ish) to Canada and investing in general, but have about 15K sitting in CIBC savings account right now. After considering my options, I decided to put about 1K in a GRSP (up to employer-match) with the rest going to a TFSA. I`m struggling though with selecting the most appropriate institution for my TFSA - what should I be prioritizing? I'm 25yo living in BC, earn $56K but expecting to increase my earnings a bit over the next couple of years. I'd like to buy a place somewhere in 5 years or so; not planning to retire early. My TFSA contribution room should be $11K (employed since May 2017).
You are likely to get more responses if you start a new thread, such as "Starting out - where should I open my TFSA?" If you are looking out 5 years, a savings account (TFSA or other) is not a good choice, in my opinion. You should also confirm your actual TFSA contribution limit from CRA. Google "CRA My Account" to get online access to this information. To register for that service, you will need your last year's Income Tax Notice of Assessment because you will be asked "what number is in line xx?" or something like that.
Newbie
Aug 22, 2017
26 posts
3 upvotes
akaManny wrote:
Oct 27th, 2018 4:20 pm
You are likely to get more responses if you start a new thread, such as "Starting out - where should I open my TFSA?" If you are looking out 5 years, a savings account (TFSA or other) is not a good choice, in my opinion. You should also confirm your actual TFSA contribution limit from CRA. Google "CRA My Account" to get online access to this information. To register for that service, you will need your last year's Income Tax Notice of Assessment because you will be asked "what number is in line xx?" or something like that.
I'm no longer able to access my CRA account as my SIN number changed recently (from Worker status to PR). I'll have to find a way to fix it, but it may take a while from what I've read online.

Anyway, on my 2017 tax return I filed $14K income, so if I understand correctly my RRSP contribution room should be $2,520 (18%) and my TFSA contribution room should be $5,500.
Deal Addict
Mar 8, 2013
1942 posts
717 upvotes
Vitesze wrote:
Oct 27th, 2018 4:32 pm
I'm no longer able to access my CRA account as my SIN number changed recently (from Worker status to PR). I'll have to find a way to fix it, but it may take a while from what I've read online.

Anyway, on my 2017 tax return I filed $14K income, so if I understand correctly my RRSP contribution room should be $2,520 (18%) and my TFSA contribution room should be $5,500.
RRSP and TFSA limits are determined differently. The RRSP amount is based on the previous year's earned income, so it is shown on your 2017 Notice of Assessment. The TFSA contribution limit is not based on income, but should be $5500 for 2018 plus whatever amount CRA says you have to end of 2017.
Deal Addict
User avatar
Dec 17, 2008
2223 posts
1027 upvotes
Winnipeg
Maxa financial rate is now 2.45%

Also

Alterna Bank is raising the Savings Rate from 2.05% to 2.25% and the TFSA savings rates from 2.10% to 2.25% as of October 30, 2018.

Looks like they are going back to having the same savings rates and TFSA savings rates again after about a year of having the TFSA savings rate usually 0.05% higher.

If you log into your account you will see the new rates. I assume the website will be updated later today.
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Sr. Member
User avatar
Jul 25, 2008
829 posts
66 upvotes
Ottawa
Just a quick question, it may hsve been answered before.

What is the difference between fees for withdrawal and transfer fees??.
When I read SCU policy on their TSFA, there is a 3$ withdrawal charge. Does it mean If I take 50$ out I would be charged for 3$. It is quite a bit. Is this only applies to SCU?

Can I have 2 TSFA accounts? One with money that I withdrawed all out with zero balance. While the other tsfa account got the money in it. Should I cancel the one with no money and will there be any charges? How long can you keep a tsfa account with zero dollars?

I read if take your money out on Dec31, you can move the money back to another account on next day Jan 1st without panelty. Is this ok without yax implications? Exact same amount.
Deal Addict
User avatar
Dec 17, 2008
2223 posts
1027 upvotes
Winnipeg
Achieva 2.40%
Outlook Financial 2.40%
Implicity Financial 2.35%
Hubert Financial 2.50%

All raised yesterday and today
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Deal Addict
User avatar
Dec 17, 2008
2223 posts
1027 upvotes
Winnipeg
Shawguy wrote:
Nov 2nd, 2018 7:07 am
Achieva 2.40%
Outlook Financial 2.40%
Implicity Financial 2.35%
Hubert Financial 2.50%

All raised yesterday and today
Implicity had raised their rates to 2.35% and has since raised them to 2.40% as of today.
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Deal Addict
Oct 7, 2007
4162 posts
1269 upvotes
Does anyone know if SImplii charges transfer out fees for a TFSA savings account? Just planning ahead. Thanks.
Deal Addict
Oct 8, 2012
1400 posts
480 upvotes
TBD
cf7777 wrote:
Nov 1st, 2018 9:56 pm
Just a quick question, it may hsve been answered before.

What is the difference between fees for withdrawal and transfer fees??.
When I read SCU policy on their TSFA, there is a 3$ withdrawal charge. Does it mean If I take 50$ out I would be charged for 3$. It is quite a bit. Is this only applies to SCU?

Can I have 2 TSFA accounts? One with money that I withdrawed all out with zero balance. While the other tsfa account got the money in it. Should I cancel the one with no money and will there be any charges? How long can you keep a tsfa account with zero dollars?

I read if take your money out on Dec31, you can move the money back to another account on next day Jan 1st without panelty. Is this ok without yax implications? Exact same amount.
A withdraw is taking money out of your tax sheltered account. A transfer is moving your tax sheltered money to another bank without impacting any contribution limits.

Yes, if you withdraw $50 you'd pay $3. This is a long term savings account, you shouldn't be accessing it for $50.

2 TFSA accounts at different banks? Yes.

How long you can have a zero balance? Depends on the bank.

Yeah, you can withdraw your TFSA funds December 31st and contribute those funds into another TFSA on Jan 1. Any TFSA withdraws done during 2018 will be added to your available contribution limit on Jan 1, 2019.
Newbie
Oct 3, 2017
6 posts
I have TFSA with Canadian Western bank. It's about 20k. I am considering withdrawing it to put in to another Savings account (non TFSA). Does anyone know if CWB charges a fee to transfer the money out?
Deal Addict
User avatar
Nov 24, 2003
1166 posts
139 upvotes
Waterloo
Hello, perhaps there are some opinions here. I recently opened a Scotiabank Momentum Savings Account. What is the best way for me to take the money back out later? I simply did a mobile cheque deposit to myself to get it into that account, but it doesn't have cheques to get the money back out. Can I add this as an external account to TD or Tangerine?

Thanks for any advice.

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