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[OP]
Deal Fanatic
Apr 18, 2010
5342 posts
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Toronto

TFSA brokerage

In light of my previous TFSA account where someone gave a good suggestion to not waste TFSA room on mere 1% savings but more for equities, I'm looking to open up a TFSA brokerage account.

Can any of you more financial savvy individuals recommend me a TFSA brokerage? I was about to open up with Questrade (you need to have a minimum $1000 to have an account), but thought I should do further research to see if there are better ones ie lower fees/commissions, other perks, etc.

Thanks
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Sep 23, 2014
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How active of a trader are you? Interactive broker bar none for active traders!
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Jun 27, 2007
578 posts
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Toronto
Hi glover78,

If you have any questions about trading with Questrade or our fee structure, please let me know.

Thank you,‎
John – Team Questrade
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Nov 22, 2015
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glover78 wrote: In light of my previous TFSA account where someone gave a good suggestion to not waste TFSA room on mere 1% savings but more for equities, I'm looking to open up a TFSA brokerage account.

Can any of you more financial savvy individuals recommend me a TFSA brokerage? I was about to open up with Questrade (you need to have a minimum $1000 to have an account), but thought I should do further research to see if there are better ones ie lower fees/commissions, other perks, etc.

Thanks
Meh, the headache of setting up an online brokerage isn't worth it for a starter TFSA.

If you're looking for a starter TFSA to hold long positions on a few stocks and/or mutual funds, I would recommend CIBC Investor's Edge. $6.95/trade comes pretty close to Questrade's $4.95.

There's no minimum balance or fees on TFSA accounts with IE, and same-day transfer-in from your CIBC or PCF account
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Mar 11, 2016
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how does Questrade compare to Itrade
[OP]
Deal Fanatic
Apr 18, 2010
5342 posts
1069 upvotes
Toronto
superfresh89 wrote: Meh, the headache of setting up an online brokerage isn't worth it for a starter TFSA.

If you're looking for a starter TFSA to hold long positions on a few stocks and/or mutual funds, I would recommend CIBC Investor's Edge. $6.95/trade comes pretty close to Questrade's $4.95.

There's no minimum balance or fees on TFSA accounts with IE, and same-day transfer-in from your CIBC or PCF account
Thanks I'll look into this. I won't be a frequent heavy trader.
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May 2, 2010
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Markham
If you are an inactive trader i.e. buy and hold and your intended holding is less than $20,000, I recommend opening a TD mutual fund TFSA account and invest in TD e-Series Mutual Funds which have very low annual fees (less than 1%) compared to ordinary mutual funds with 1%-2% annual fees.

https://www.tdcanadatrust.com/products- ... -funds.jsp

My son is using such a TFSA account for his sub-$20000 long term holdings in a mixture of TD e-Series geographic mutual funds tracking US, Canadian, European and International market indices. For his small investment sums, he does not need to open a brokerage account at all.
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Apr 16, 2006
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drdtyc wrote: If you are an inactive trader i.e. buy and hold and your intended holding is less than $20,000, I recommend opening a TD mutual fund TFSA account and invest in TD e-Series Mutual Funds which have very low annual fees (less than 1%) compared to ordinary mutual funds with 1%-2% annual fees.

https://www.tdcanadatrust.com/products- ... -funds.jsp

My son is using such a TFSA account for his sub-$20000 long term holdings in a mixture of TD e-Series geographic mutual funds tracking US, Canadian, European and International market indices. For his small investment sums, he does not need to open a brokerage account at all.
^ This. Aside from the MER, which works out to be around 0.45% of your portfolio each year, there's no fees.

It's a bit more work than Tangerine's mutual funds (you have to re-balance your TD mutual funds yourself) but the cost savings makes up for it (Tangerine charges ~1.0% MER of your portfolio each year).
glover78 wrote: In light of my previous TFSA account where someone gave a good suggestion to not waste TFSA room on mere 1% savings but more for equities, I'm looking to open up a TFSA brokerage account.

Can any of you more financial savvy individuals recommend me a TFSA brokerage? I was about to open up with Questrade (you need to have a minimum $1000 to have an account), but thought I should do further research to see if there are better ones ie lower fees/commissions, other perks, etc.

Thanks
I'd suggest TD, as the MER is cheaper (for e-series funds) and there's no annual fee for a TD TFSA Mutual Funds account. It also gives you room to grow once your portfolio reaches $25,000; you can have your portfolio transferred in kind to a TD Waterhouse Account (I think it's called TD Direct Investing now) with the annual fee waived and and you'll have the ability to buy stocks and ETF's using that account if you want (or continue buying E-Series funds).

A lot of people tout Questtrade. I think that's because Questtrade doesn't charge any fees to purchase ETF's (only charge a fee to sell them). If you're just starting out, you shouldn't be investing in ETF's though.
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Octavius wrote:
A lot of people tout Questtrade. I think that's because Questtrade doesn't charge any fees to purchase ETF's (only charge a fee to sell them). If you're just starting out, you shouldn't be investing in ETF's though.
Why exactly is that?
[OP]
Deal Fanatic
Apr 18, 2010
5342 posts
1069 upvotes
Toronto
drdtyc wrote: If you are an inactive trader i.e. buy and hold and your intended holding is less than $20,000, I recommend opening a TD mutual fund TFSA account and invest in TD e-Series Mutual Funds which have very low annual fees (less than 1%) compared to ordinary mutual funds with 1%-2% annual fees.

https://www.tdcanadatrust.com/products- ... -funds.jsp

My son is using such a TFSA account for his sub-$20000 long term holdings in a mixture of TD e-Series geographic mutual funds tracking US, Canadian, European and International market indices. For his small investment sums, he does not need to open a brokerage account at all.
Ummm wow this process just got more complex with your suggestion lol

But thank you very much. I will definitely look more into this.
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Oct 11, 2010
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Charlottetown
Questrade is a fine choice IMO
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Sep 1, 2013
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traderjay wrote: How active of a trader are you? Interactive broker bar none for active traders!
This.

Otherwise, find something with the cheapest cost and off you go.
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Jun 27, 2007
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Hi Fjr2005,

Well, to start with, we’re here on Red Flag Deals answering questions. We care about our clients and we try to be wherever they need us.

As well, our commission fees are as low as $4.95 a trade and we have commission-free ETF purchases.
Newbie
Jul 8, 2016
11 posts
superfresh89 wrote: Meh, the headache of setting up an online brokerage isn't worth it for a starter TFSA.

If you're looking for a starter TFSA to hold long positions on a few stocks and/or mutual funds, I would recommend CIBC Investor's Edge. $6.95/trade comes pretty close to Questrade's $4.95.

There's no minimum balance or fees on TFSA accounts with IE, and same-day transfer-in from your CIBC or PCF account

Hi, what is PCF that you are referring to?

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