Tax Free Savings Account
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  1. #1
    Registered User monkeywrangler71's Avatar
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    Default Tax Free Savings Account

    Since we have this fancy new Canadian section, thought I would post the link to the details of the new TFSA. Just one more month before it comes into effect, so time to start thinking about opening one up and stuffing it full of savings!

    http://www.budget.gc.ca/2008/pamphle...liant2-eng.asp

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    I will check the link later, is there a limit how muvh to deposit?

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    Registered User MomToTwoBoys's Avatar
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    Scotiabank has something like this in place. I was debating putting my money into it rather than the Money Master Savings Account I have now. I get charged $5.00 per month on that account when I'm transferring back into my checking account, which might be a good reason to switch.

    http://www.scotiabank.com/cda/conten..._LIDen,00.html

    If I click on the box that says 'Start a savings plan?', it takes me to this thing that lets me see how much my tax savings would be. The program is based on my income amount, regular investment, initial lump sum, rate of return, and term of investment. It's pretty neat.
    Last edited by MomToTwoBoys; 11-29-2008 at 11:54 AM.

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  5. #4
    Registered User Wendy99's Avatar
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    Quote Originally Posted by MomToTwoBoys View Post
    Scotiabank has something like this in place. I was debating putting my money into it rather than the Money Master Savings Account I have now. I get charged $5.00 per month on that account when I'm transferring back into my checking account, which might be a good reason to switch.

    http://www.scotiabank.com/cda/conten..._LIDen,00.html

    If I click on the box that says 'Start a savings plan?', it takes me to this thing that lets me see how much my tax savings would be. The program is based on my income amount, regular investment, initial lump sum, rate of return, and term of investment. It's pretty neat.
    I'm going to check out the link - sounds interesting. Just wanted to say I too have a Scotia Money Master Savings Account, but I only get the $5.00 charge on it if I withdraw money from it. If you transfer money from that money master to your checking by online or telephone you don't get that $5.00 charge, but if you transfer at the teller or withdraw money from it directly you will get the $5.00 charge.
    Last edited by Wendy99; 11-29-2008 at 12:05 PM.

  6. #5
    Registered User monkeywrangler71's Avatar
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    Quote Originally Posted by winner View Post
    I will check the link later, is there a limit how muvh to deposit?
    The limit is $5000 per year, for every adult - no income restrictions, etc.

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    Registered User MomToTwoBoys's Avatar
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    Quote Originally Posted by Wendy99 View Post
    I'm going to check out the link - sounds interesting. Just wanted to say I too have a Scotia Money Master Savings Account, but I only get the $5.00 charge on it if I withdraw money from it. If you transfer money from that money master to your checking by online or telephone you don't get that $5.00 charge, but if you transfer at the teller or withdraw money from it directly you will get the $5.00 charge.
    Hrm. I'm going to have to ask them about that then. I'm signed up for that Bank the Rest program and when I spend money at the store, the change is put into my account. Could that be the thing that's incurring the $5 charge?

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    Registered User Wendy99's Avatar
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    Quote Originally Posted by MomToTwoBoys View Post
    Hrm. I'm going to have to ask them about that then. I'm signed up for that Bank the Rest program and when I spend money at the store, the change is put into my account. Could that be the thing that's incurring the $5 charge?
    No no the Bank the Rest Program doesnt affect that at all (I am signed up for that as well), the $5 charge is only for money being taken from the savings account by either not transferring it to your checking account or by the bank teller transferring it for you. If you transfer money from that savings account either online or telephone banking you should NOT be charged that $5. Definately look into it, the banking officer that did the paperwork to open my account told me that tidbit of info.

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