Tax-Free, High Interest savings account....
11-05-2008, 08:48 AM
#1
åhhhhh
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Tax-Free, High Interest savings account....
No Tax.
No min. balance.
No fee's/charges.
whats the catch? :thinking:
http://www.icicibank.ca/Personalbanking/ts834.htm
http://www.ingdirect.ca/en/save-invest/tfsa/index.html
etc.etc.etc....
ps: is it bad to have your money spread over 3-5 banks?
No min. balance.
No fee's/charges.
whats the catch? :thinking:
http://www.icicibank.ca/Personalbanking/ts834.htm
http://www.ingdirect.ca/en/save-invest/tfsa/index.html
etc.etc.etc....
ps: is it bad to have your money spread over 3-5 banks?
11-05-2008, 09:08 AM
#2
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I wonder if i could open an TFSA and buy high rate CGI :thinking:
Looks like you can buy publicly traded securities but thinking the capital gains would be taxed.
Looks like you can buy publicly traded securities but thinking the capital gains would be taxed.
11-05-2008, 09:27 AM
#4
un-Touch'd krew
Depends on how much money you have really.
since FDIC only insures "x" amount of money, anything in a single bank over that amount is gambling.
As for no tax high interest accounts...offshore accounts FTMFW:blue:
since FDIC only insures "x" amount of money, anything in a single bank over that amount is gambling.
As for no tax high interest accounts...offshore accounts FTMFW:blue:
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11-05-2008, 10:14 AM
#5
åhhhhh
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so there is no catch? im skeptical.. aren't offshore accounts expensive to get?
11-05-2008, 10:50 AM
#6
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it's a new Canadian Thing that any canadian can open an a tax free account put up to $5K(per year) in it and all interest is not taxable. It's to encourage savings.
11-05-2008, 10:59 AM
#7
un-Touch'd krew
I am not going to say that the one you posted is safe by any means because any new bank is a gamble and I don't trust online based banks at all. I keep money in a couple of countries and invest through a few of them, so far so good but all it takes is one bad day or a coup and it could all be washed away...but I keep my eyes open in those regions and prepare to clear it out and move it to safer regions if need be.
Not a game for the faint of heart but it suits my needs well...I wouldn't do it with smaller sums though, just wouldn't be worth it.
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11-05-2008, 11:02 AM
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No catch dude its a new Canadian plan... read up.
http://www.cra-arc.gc.ca/gncy/bdgt/2...fr-eng.html#q1