Personal Finance

Official RFD thread for Tax Free Savings Accounts (Updated 2019-OCT-06)

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Sep 19, 2009
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Sauerkraut wrote:
Nov 17th, 2018 4:00 pm
The problem I have with getting an Oaken TFSA term deposit is what to do at maturity. You can't redeem the funds into a TFSA savings account (they don't offer them), so the only options would be to renew for another term or put the funds into a non-registered savings account and lose the contribution room until the next calendar year.
You seem to ignore the option of transferring the funds at maturity into one of thousands of other TFSA products available in Canada.
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Jan 4, 2009
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andrew4321 wrote:
Nov 17th, 2018 6:40 pm
You seem to ignore the option of transferring the funds at maturity into one of thousands of other TFSA products available in Canada.
Not ignoring it, however it seems so cumbersome...especially since most FI's have the ability to transfer TFSA assets between internal GIC/savings accounts.
Deal Fanatic
Oct 7, 2007
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Sauerkraut wrote:
Nov 17th, 2018 7:16 pm
Not ignoring it, however it seems so cumbersome...especially since most FI's have the ability to transfer TFSA assets between internal GIC/savings accounts.
You bring up a good point. At least Oaken doesn't charge a transfer-out fee so you are not going to take a hit on moving if one so desires.
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Oct 21, 2018
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Anyway, which bank is best bet for good tfsa rates in long haul? Rrsp rates?
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Nov 23, 2004
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Edmonton
JeffH60919 wrote:
Nov 18th, 2018 9:22 pm
Anyway, which bank is best bet for good tfsa rates in long haul? Rrsp rates?
Steinbach.. or read the first post of this thread if you want to see what your options are.
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Nov 23, 2004
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Edmonton
suikoyen wrote:
Nov 19th, 2018 7:50 pm
Looks like it is $6000 for 2019.

Time to withdraw everyting from People's Trust and move everyting to Achieva.
It should have never been with People's Trust !! ;) At least not since they resumed offering TFSA accounts.
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Apr 30, 2015
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Achieva or Hubert for 2019 TFSA? Customer service, UI, transfers, link extrenal account etc
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Dec 2, 2009
430 posts
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BC
Hey everyone,

I got married this year and my wife and I have a Joint Savings account and chequing account (non-registered) .

Who will the T5 go to during income tax time?

We use SimplyTax for our online tax program, if I use the autofill feature, will that fill in the T5 information for both of our returns?
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May 8, 2009
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kleraj wrote:
Nov 20th, 2018 6:51 pm
Achieva or Hubert for 2019 TFSA? Customer service, UI, transfers, link extrenal account etc
Achieva vs. Hubert...
  • Ease of opening the account: winner goes to Achieva (except to make it joint, has to be done after the fact)
  • Customer service: probably a tie here
  • External transfers: Hubert is somewhat of a winner. Neither can receive nor send e-transfers, so it's all "me to me". Achieva is ten business day hold, Hubert is four. Achieva can link up to three external, Hubert is up to 30 via micro-deposits for the life of the account. Achieva doesn't like to be "gamed" (they'll be hesitant to frequently add/remove externally linked accounts). Since they hold all funds anyway, I rather push/pull via Simplii where I have deposit limits for liquid funds. Also, since it's for "savings", the longer hold at Achieva is not really a big deal.
  • Withdrawals: Hubert is the clear winner. Achieva is one free withdrawal per month. But what'd you expect from a Canadian savings account?
  • UI: haven't tried Hubert's yet. Achieva is easy enough.
  • Opportunity Cost: Achieva gives you $1/month for paperless. If you can only choose Achieva or Hubert for 2019, then depends on whether your TFSA contribution is greater or less than $12k. At 2.4% + $1/month at Achieva, you'll earn more than flat 2.5% at Hubert. If you're a new customer, consider the $25 referral bonus at Achieva that seems to come and go for Hubert. A $25 welcome bonus is worth the difference in interest of $25k parked for a year.

Bottom line...take both. But I'd sign up for Achieva ASAP and wait for the $25 referral bonus to come up for Hubert again.
mx703 wrote:
Nov 20th, 2018 6:56 pm
Hey everyone,

I got married this year and my wife and I have a Joint Savings account and chequing account (non-registered) .

Who will the T5 go to during income tax time?

We use SimplyTax for our online tax program, if I use the autofill feature, will that fill in the T5 information for both of our returns?
As long as the account(s) were joint in 2018, interest earned could be declared under either account holder's name for tax purposes afaik.
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Dec 2, 2009
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BC
titaniumtux wrote:
Nov 20th, 2018 11:19 pm
....
As long as the account(s) were joint in 2018, interest earned could be declared under either account holder's name for tax purposes afaik.
Right, but if you auto filled on simplytax or any tax software, would it show up on both? I'm just wondering...
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Nov 23, 2004
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mx703 wrote:
Nov 21st, 2018 3:40 am
Right, but if you auto filled on simplytax or any tax software, would it show up on both? I'm just wondering...
IIRC there's a spot in simply tax to specify which percentage of the account belongs to whom.
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Feb 19, 2014
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wilbrod wrote:
Nov 21st, 2018 5:27 am
IIRC there's a spot in simply tax to specify which percentage of the account belongs to whom.
Thank you for your reply. I guess i'll just have to wait and see in the new year!

Happy black friday hunting!!!
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Apr 30, 2015
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titaniumtux wrote:
Nov 20th, 2018 11:19 pm
External transfers: Hubert is somewhat of a winner. Neither can receive nor send e-transfers, so it's all "me to me". Achieva is ten business day hold, Hubert is four.
Effective November 19, 2018, Hubert increased the incoming transfer hold period from four days to six days.
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kleraj wrote:
Nov 21st, 2018 4:17 pm
Effective November 19, 2018, Hubert increased the incoming transfer hold period from four days to six days.
Good to know. Still shorter than Achieva, but now longer than EQ.
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