It was all the rage during the first year of TFSA i.e. about the same time in 2008.
There is tax payable because the funds will be held in a non registered account between now and Dec 31st.I find Harold's post to be a bit confusing as it seems to contradict what the site says. But maybe I've misunderstood. I'm reading that they hold that money in some non-TFSA holding account off to the side and then on Jan 1 automatically place it into your official TFSA. If that's true then there should be no tax payable.
True, but what I was trying to say is that (IMHO), savings account is not the best use of TFSA.I disagree that the rates are low on TFSA accounts. If you compare the rates on many TFSA's to the so-called high interest savings accounts they are the same or very close.
After year 1 of TFSAs I realized the sameTrue, but what I was trying to say is that (IMHO), savings account is not the best use of TFSA.
To a certain extent. With US dividends being withheld in TFSA, it's not perfect, but I'm not complaining, it was a nice move for us overtaxed Canadians.Hello mode3sour ... I agree, using a TSFA for savings is not the best use ... mine's with Qtrade, it's a trading account, and so for me it's higher risk and so hopefully a higher return ... a higher tax free return. At $5K per year, in say 5 years that's $25K to invest in equities ... tax free. So suppose AC.B does make it to $10 over the next 5 years ... nice.