Personal Finance

Official RFD thread for Tax Free Savings Accounts (See Thread Summary)

Member
Mar 25, 2013
316 posts
74 upvotes
pickles02 wrote: Only the TFSA pays 3%. The regular e-savings account pays 1.9%. If you deposit $40,000 into a TFSA, you will be over-contributing and face tax and penalties.
Yeah, I know that TFSA has a contributing limit. But thanks for the heads up!

I've never had a TFSA before so I believe I can put a maximum of $25,500 right now? Can someone confirm this?

I'm planning to keep about 15K on my CIBC savings account and put the 25.5K on TFSA from People's Trust. I only get 1.2% on my CIBC but I'm sure there would be some fee if I close it the account. And I'm still a little hesitant on signing up with People's Trust because it is all online.
Deal Addict
Oct 4, 2009
3590 posts
2953 upvotes
Montreal
NateTO3 wrote: I've never had a TFSA before so I believe I can put a maximum of $25,500 right now? Can someone confirm this?
As long as you were 18+ in 2009 and a Canadian resident throughout then that is correct.

Don't worry about PT, I've had the CDIC limit there for 4 years unregistered and have my TFSA there too.
Deal Fanatic
May 5, 2008
6315 posts
3092 upvotes
Manitoba
I have a TFSA acct with PCF but would like to switch it over to RBC for mutual funds...Whats the best way?
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Dec 16, 2008
2705 posts
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Calgary
airmail wrote: I have a TFSA acct with PCF but would like to switch it over to RBC for mutual funds...Whats the best way?
Go into a RBC branch and get them to transfer the TFSA
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Dec 23, 2005
2672 posts
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Calgary
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Jul 15, 2005
8018 posts
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Toronto
Has anyone transferred funds from ing tfsa to people's? I am in the process of completing the form online but it theres a part where i need to have it filled out by ING, Where do i print the form and bring to for ING?
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Oct 29, 2004
1478 posts
521 upvotes
GTA
People's Trust will do all of that. I transferred from Ally and I just filled out my info and my Ally account info and sent it in to People's. They are supposed to take care of the rest.
Newbie
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Mar 22, 2012
40 posts
Toronto
My first experience with Peoples Trust has been awful. I sent in a deposit cheque and they received it on Mar 4th but it just sat there. I contacted them and asked why it was taking so long to open the account and all they could say was my deposit was delegated to the wrong department because my ID verification didn't go through successfully. Now they're asking for certified copies of two government issued IDs...sent via mail (not even email!). WTF is going on over there. Are they serious? I'm pretty fed up with them.
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Jul 15, 2005
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Toronto
slim_shady wrote: People's Trust will do all of that. I transferred from Ally and I just filled out my info and my Ally account info and sent it in to People's. They are supposed to take care of the rest.
so although it tells me that it needs to be filled out by ing, i can just send the whole package in and that should be good for people's trust?
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Jul 8, 2010
7578 posts
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York
trixR4kids wrote: so although it tells me that it needs to be filled out by ing, i can just send the whole package in and that should be good for people's trust?
You DO need to go to ING to get a signature.

Also, with this form completed, does the person also need to mail in a cheque in that amount in their name or is the form all they need when sending to PT?
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Oct 29, 2004
1478 posts
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GTA
dankup wrote: You DO need to go to ING to get a signature.
No, you fill out the information of the originating TFSA... People's Trust will do the rest. In my case, I filled in my Ally account number and balance, and People's Trust took care of contacting Ally to get the authorization and money transferred.

If you're looking at the "Tax-Free Savings Account Direct Transfer Form", you send it in with section 2 & 3 blank.
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Oct 29, 2004
1478 posts
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GTA
trixR4kids wrote: so although it tells me that it needs to be filled out by ing, i can just send the whole package in and that should be good for people's trust?
Just complete everything except sections 2 & 3 and send it to them. People's Trust will contact the originating institution to complete the transfer.
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Dec 28, 2006
7478 posts
1467 upvotes
Ottawa
Do I need to open a regular people's trust saving account first before I can do a transfer of TFSA from Ally to PT, or I can just open the PT TFSA account by fill in the transfer form?
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Mar 23, 2004
47726 posts
13891 upvotes
Markham
rivet wrote: Do I need to open a regular people's trust saving account first before I can do a transfer of TFSA from Ally to PT...

or I can just open the PT TFSA account by fill in the transfer form?
no u dont.

correct
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Jul 8, 2010
7578 posts
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York
slim_shady wrote: Just complete everything except sections 2 & 3 and send it to them. People's Trust will contact the originating institution to complete the transfer.
Really? I filled out section 2 by going to the originating bank. Am I still OK or do I need to send in a new sheet?
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Oct 29, 2004
1478 posts
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GTA
dankup wrote: Really? I filled out section 2 by going to the originating bank. Am I still OK or do I need to send in a new sheet?
No clue... I just know what worked for me. Mine got set up last month with no problems by leaving those sections blank. It would be nice if Peoples Trust did make it clear which areas of the form are the customer's responsibility -- it's very ambiguous right now. Give them a call, it might be okay what you did.
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Aug 3, 2009
2294 posts
720 upvotes
Nova Scotia
Two questions:

1) Can anyone give some suggestion why PT is so high compared to others? My Credit Union was amazed when I showed them the rate while asking for them to match. They suggested I check PT's BBB profile, which is fine, and they are a member of the CDIC so I know my money will be safe.

2) My term deposit TFSA will be ending soon so I'll be moving my money, via cheque (my CU charges a $50 fee for transfers) to PT. I know it means I miss this year's contribution (I won't be contributing anyway), but can anyone tell me if there are any other pitfalls to this?
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Mar 23, 2004
47726 posts
13891 upvotes
Markham
jmatheson64 wrote: Two questions:

1) Can anyone give some suggestion why PT is so high compared to others? My Credit Union was amazed when I showed them the rate while asking for them to match. They suggested I check PT's BBB profile, which is fine, and they are a member of the CDIC so I know my money will be safe.

2) My term deposit TFSA will be ending soon so I'll be moving my money, via cheque (my CU charges a $50 fee for transfers) to PT. I know it means I miss this year's contribution (I won't be contributing anyway), but can anyone tell me if there are any other pitfalls to this?
(1) Because they can do so? It's better that you ask them :D

(2) none if you know you will not be contributing additional money for 2013.
Deal Addict
Oct 3, 2007
1974 posts
156 upvotes
British Columbia
So Peoples Trust is pretty reliable? Never heard of them before, but after CWB dropped their rates I am wanting to transfer it over.

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