• Last Updated:
  • Nov 22nd, 2015 1:00 pm
[OP]
Newbie
Nov 19, 2015
2 posts
Brampton, ON

Where to open TFSA

I am looking into opening a TFSA for the first time. Thinking between People, Achieva, PC or Accelerate.I looked into pc financial 2.6 but thats just for few month i guess?? Achieva has $50 bonus @1.7 people is @2.00..cant decide!! Any suggestions would be helpful.
9 replies
Member
Nov 4, 2015
459 posts
226 upvotes
Ontario
Zuna123 wrote:
Nov 20th, 2015 11:33 pm
I am looking into opening a TFSA for the first time. Thinking between People, Achieva, PC or Accelerate.I looked into pc financial 2.6 but thats just for few month i guess?? Achieva has $50 bonus @1.7 people is @2.00..cant decide!! Any suggestions would be helpful.
official-rfd-tfsa-thread-savings-accoun ... -a-681290/
Sr. Member
User avatar
Oct 5, 2006
572 posts
393 upvotes
Calgary
you can use your TFSA to buy investments like stocks, bonds, and mutual funds. It's not just for savings account which only earns roughly 2% right now. But the Canadian stocks are kinda taking a beating at the moment so invest wisely. Any capital gain (whether through savings or stock trades) are tax free.
Sr. Member
Oct 11, 2010
954 posts
292 upvotes
Charlottetown
questrade under an investment account
Deal Fanatic
Feb 15, 2006
8192 posts
2484 upvotes
Toronto
For TFSA holdings, should think long term, instead of just the meager low interest rates on saving accounts. Think where you'd like to "invest", not "save and earn 1-2+% interest.
Deal Addict
Aug 5, 2006
3964 posts
1413 upvotes
Global Village
Is a branch and being able to speak to someone in person important to you? If so consider Meridian. But ya, as others have said diversify, allocate only a certain % of the TFSA to a guaranteed investment and put the rest somewhere it has a chance to grow more than inflation will each year. Link below is a starting point.

http://canadiancouchpotato.com/model-portfolios-2/
Newbie
User avatar
Nov 20, 2015
8 posts
1 upvote
Toronto, ON
You should consider using your TFSA to invest. I suggest Canadian dividend stocks to build your wealth.
Deal Addict
Feb 28, 2003
1322 posts
90 upvotes
if you think you might want to do some investing under the TFSA umbrella, i would look at brokerages not banks (banks might end up costing more for investing - unless you go TD e-series ETF's)
Questrade is a decent one, lots of people here seem to use them - has free ETF buying i think?
virtual brokers is another good one with pretty cheap trades

if you listen to the other posters and put a percentage into TFSA savings acct, and the rest into TFSA long term investments, an online brokerage would be cheaper if you plan on "buying and holding" in your TFSA instead of going with a bank.

Any money you make in TFSA thru investing or savings acct interest is all tax free, thats why people are saying to invest if you can for the long term inside the TFSA. Whenever you take money out of it, you pay no taxes on the money you take out or the money you make inside the TFSA.
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Deal Addict
Feb 10, 2013
4015 posts
637 upvotes
Richmond
If you are in bc take a look at community savings credit union. 100 dollars for opening a tfsa. 100 dollars for opening a chequing account with 100 dollars min deposit. 100 dollars for switching payroll
Deal Addict
User avatar
Sep 7, 2004
4202 posts
873 upvotes
GTEH!
Achieva or Accelerate.
Peoples Trust had system security issues a couple years back.
😎

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