call ppls trust, they will ask u to sign some forms and will do the transfer.
Official RFD thread for Tax Free Savings Accounts (See Thread Summary)
- Last Updated:
- Mar 2nd, 2024 3:53 pm
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- SCORE+122
- angel_wing0
- Moderator
- Mar 23, 2004
- 47725 posts
- 13890 upvotes
- Markham
- katoe87
- Newbie
- Jan 26, 2012
- 1 posts
- COQUITLAM
so what's the difference between Canadian Western Bank and Canadian Direct Financial if CDF is under CWB? It seems like CWB would be a better deal considering there is no transfer fee
- angel_wing0
- Moderator
- Mar 23, 2004
- 47725 posts
- 13890 upvotes
- Markham
its like cibc-pcf, bmo-sobeys...
- pinkpanda
- Newbie
- Jan 29, 2012
- 47 posts
- 15 upvotes
- Edmonton
Is the TD transfer fee correct? I asked at my bank when I set up a TFSA mutual fund and as far as she knew there was no transfer fee for their TFSA savings accounts.
- isthisidused
- Jr. Member
- May 13, 2009
- 130 posts
- 27 upvotes
CDF is an online division of CWB. CWB you have to go to a branch, CDF is online/phone only. Both are CDIC insured.
- angel_wing0
- Moderator
- Mar 23, 2004
- 47725 posts
- 13890 upvotes
- Markham
yip, i m very certain. Maybe your rep means withdrawal.
- pinkpanda
- Newbie
- Jan 29, 2012
- 47 posts
- 15 upvotes
- Edmonton
angel_wing0 wrote: ↑yip, i m very certain. Maybe your rep means withdrawal.
Thanks. She didn't sound too familiar with transfer fees and I don't think she usually sets up the TFSA savings accounts. I just couldn't find it on their website either, so I was hoping that TD just didn't have one.
- angel_wing0
- Moderator
- Mar 23, 2004
- 47725 posts
- 13890 upvotes
- Markham
i see, only big 5 that does not have it is BMO. Did an actual transfer myself there before so i can certainly vouch for that.
- dracore
- Sr. Member
- Sep 17, 2003
- 702 posts
- 13 upvotes
Just to confirm, if transferring money from CTFS TFSA to CTFS HS, there should be no transfer fee correct? Then I could transfer from HS to any external financial institution afterwards.. also without fees.
- 1226
- Deal Guru
- Dec 25, 2003
- 11091 posts
- 3503 upvotes
- Vancouver
- braveblade
- Deal Addict
- Jan 22, 2009
- 3637 posts
- 1646 upvotes
Hi everyone, I have 2 questions that I need help with:
1. I opened a PC TFSA, but PC transferred 1 cent from my cheque account to my TFSA account without letting me know. Since I already reached my contribution limit, I over-contributed 1 cent this year. I'm wondering will I suffer any penalty?
2. I have $1K stuck with TD TFSA. I'm thinking about taking it out from TFSA. So my question is: which one is better, 1.15% TD tax free or 2% Ally non tax free?
Answer will be appreciated!
1. I opened a PC TFSA, but PC transferred 1 cent from my cheque account to my TFSA account without letting me know. Since I already reached my contribution limit, I over-contributed 1 cent this year. I'm wondering will I suffer any penalty?
2. I have $1K stuck with TD TFSA. I'm thinking about taking it out from TFSA. So my question is: which one is better, 1.15% TD tax free or 2% Ally non tax free?
Answer will be appreciated!
- 1226
- Deal Guru
- Dec 25, 2003
- 11091 posts
- 3503 upvotes
- Vancouver
braveblade wrote: ↑Hi everyone, I have 2 questions that I need help with:
1. I opened a PC TFSA, but PC transferred 1 cent from my cheque account to my TFSA account without letting me know. Since I already reached my contribution limit, I over-contributed 1 cent this year. I'm wondering will I suffer any penalty?
2. I have $1K stuck with TD TFSA. I'm thinking about taking it out from TFSA. So my question is: which one is better, 1.15% TD tax free or 2% Ally non tax free?
Answer will be appreciated!
1. No. The penalty is based on the amount of the over-contribution, so your penalty would be a fraction of a cent.
2. Unless you're in the top tax bracket (earning well over $100K/yr), Ally will be better (assuming the rates stay the same)
- enviro_123
- Newbie
- Jan 20, 2004
- 55 posts
Hello,
May I ask, If one uses previous years $ sitting in an ING TFSA savings account to purchase a short term ING TFSA GIC, is this considered a withdrawal or a transfer between TFSA products without penalties/fees?
I plan on having the TFSA GIC principle amount along with interest be put back into the ING TFSA savings account on maturity.
Any help would be appreciated,
Thanks in advance.
May I ask, If one uses previous years $ sitting in an ING TFSA savings account to purchase a short term ING TFSA GIC, is this considered a withdrawal or a transfer between TFSA products without penalties/fees?
I plan on having the TFSA GIC principle amount along with interest be put back into the ING TFSA savings account on maturity.
Any help would be appreciated,
Thanks in advance.
- angel_wing0
- Moderator
- Mar 23, 2004
- 47725 posts
- 13890 upvotes
- Markham
[quote="enviro_123" post_id="14203124" time="1328242523" user_id="10942"]Hello,
May I ask, If one uses previous years $ sitting in an ING TFSA savings account to purchase a short term ING TFSA GIC, is this considered a withdrawal or a transfer between TFSA products without penalties/fees? [/qUOTE]
tfsa transfer without fees.
May I ask, If one uses previous years $ sitting in an ING TFSA savings account to purchase a short term ING TFSA GIC, is this considered a withdrawal or a transfer between TFSA products without penalties/fees? [/qUOTE]
tfsa transfer without fees.
- MC25
- Deal Addict
- Oct 3, 2007
- 1974 posts
- 156 upvotes
- British Columbia
2 Questions:
1. Regarding contribution room and withdrawals:
2011 CR is $15, 000
You deposit the full $15, 000.
You withdraw $2,000, and your acct balance is now $13,000
You re-contribute the $2,000, and you are now at $17,000 contributed (over the limit, and $2,000 will be penalized). Your acct balance however, is at $15,000.
It is now 2012, and your new Contribution room is $20,000
So my question is, the $2000 that you over-contributed due to the withdrawal and recontribution, does it still count against your 2012 contribution room, or is the "withdrawals" reset and you can contribute the full $5,000 for the current year.$4k?
2. Peoples trust…is it safe? Any one deal with them? Wouldnt mind going from Ally to them if its legit… Are they backed by the government or anything?
1. Regarding contribution room and withdrawals:
2011 CR is $15, 000
You deposit the full $15, 000.
You withdraw $2,000, and your acct balance is now $13,000
You re-contribute the $2,000, and you are now at $17,000 contributed (over the limit, and $2,000 will be penalized). Your acct balance however, is at $15,000.
It is now 2012, and your new Contribution room is $20,000
So my question is, the $2000 that you over-contributed due to the withdrawal and recontribution, does it still count against your 2012 contribution room, or is the "withdrawals" reset and you can contribute the full $5,000 for the current year.$4k?
2. Peoples trust…is it safe? Any one deal with them? Wouldnt mind going from Ally to them if its legit… Are they backed by the government or anything?
- Jungle
- Deal Fanatic
- May 31, 2007
- 5018 posts
- 2175 upvotes
heads up: Ing tfsa is 2%-op says 1.5%
- MrDisco
- Moderator
- Sep 30, 2001
- 30160 posts
- 10147 upvotes
- Toronto
your example is confusing so i'm not sure the scenario you're trying to describe. maybe re-word and break it down?MC25 wrote: ↑ 1. Say, (#'s are for example) the contribution room is $5k, and you did a withdrawal of $1k, and redeposited the amount for that year, you would be at $6k after withdrawals (but only $5k of actual cash), so you would be over. But now that we are in a new year, you have $10k contribution room, are you allowed to deposit $5k, or $4k?
2. Peoples trust…is it safe? Any one deal with them? Wouldnt mind going from Ally to them if its legit… Are they backed by the government or anything?
yes they're safe and yes people here deal with them. 'backed by the government' i assume you mean are they covered by CDIC and yes they are:
http://www.cdic.ca/members.html#PP
- 1226
- Deal Guru
- Dec 25, 2003
- 11091 posts
- 3503 upvotes
- Vancouver
MC25 wrote: ↑2 Questions:
1. Say, (#'s are for example) the contribution room is $5k, and you did a withdrawal of $1k, and redeposited the amount for that year, you would be at $6k after withdrawals (but only $5k of actual cash), so you would be over. But now that we are in a new year, you have $10k contribution room, are you allowed to deposit $5k, or $4k?
$5K, although you'd be getting penalized on that $1K until the new year.
- MC25
- Deal Addict
- Oct 3, 2007
- 1974 posts
- 156 upvotes
- British Columbia
I think 1226 got what I was saying, but Ill try rewriting that…I had trouble trying to explain it..Ill just use current contribution room too for simplicity.
2011 CR is $15, 000
2011 CR is $15, 000
- You deposit the full $15, 000.
- You withdraw $2,000, and your acct balance is now $13,000
- You re-contribute the $2,000, and you are now at $17,000 contributed (over the limit, and $2,000 will be penalized). Your acct balance however, is at $15,000.
- It is now 2012, and your new Contribution room is $20,000
- pinkpanda
- Newbie
- Jan 29, 2012
- 47 posts
- 15 upvotes
- Edmonton
I'm not 100% sure, but I think you would get the $5000. The withdrawal would give you the 'extra' $2000 of contribution for Jan 1, but it would have just been recontributed too soon.MC25 wrote: ↑I think 1226 got what I was saying, but Ill try rewriting that…I had trouble trying to explain it..Ill just use current contribution room too for simplicity.
2011 CR is $15, 000So my question is, the $2000 that you over-contributed due to the withdrawal and recontribution, does it still count against your 2012 contribution room, or is the "withdrawals" reset and you can contribute the full $5,000 for the current year.
- You deposit the full $15, 000.
- You withdraw $2,000, and your acct balance is now $13,000
- You re-contribute the $2,000, and you are now at $17,000 contributed (over the limit, and $2,000 will be penalized). Your acct balance however, is at $15,000.
- It is now 2012, and your new Contribution room is $20,000
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