Opening TFSA | Motive Financial | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
April 18, 2023
1:14 pm
kedalt
Member
Members
Forum Posts: 3
Member Since:
April 18, 2023
sp_UserOfflineSmall Offline

I opened a non registered savings and chequing at motive recently, and was planning to open a TFSA account. Logging in and going to account services - open a new account only shows options to open non registered accounts without any TFSA options.

After emailing they referred me to this link to open an TFSA
https://apply.motivefinancial.com/TFSA-Application/

I just want to confirm with people that already have a TFSA once I open one does the option to Open TFSA GIC's and fund it with your TFSA savings account get enabled in your online account or will I have to go through the application every time?

Thanks!

April 18, 2023
9:11 pm
Warwick111
Member
Members
Forum Posts: 46
Member Since:
January 7, 2023
sp_UserOfflineSmall Offline

Once your TFSA account is opened, you can open TFSA GICs and fund you TFSA savings account from your non registered accounts, so you only have to go through the application for the first time.

April 23, 2023
4:27 pm
kedalt
Member
Members
Forum Posts: 3
Member Since:
April 18, 2023
sp_UserOfflineSmall Offline

Is it required to call in if you want to open a GIC with funds already in your TFSA savings account?

The option to fund the gic from TFSA savings doesn't seem to be there.

April 24, 2023
1:24 am
cgouimet
Member
Members
Forum Posts: 1417
Member Since:
February 7, 2019
sp_UserOfflineSmall Offline

kedalt said
Is it required to call in if you want to open a GIC with funds already in your TFSA savings account?

The option to fund the gic from TFSA savings doesn't seem to be there.  

It's probably offering funding options that exist. If you don't have a TFSA HISA, it can't offer to fund your TFSA GIC from "your" TFSA HISA" but it is offering to fund it from your non-registered HISA.

CGO
April 24, 2023
9:43 am
Warwick111
Member
Members
Forum Posts: 46
Member Since:
January 7, 2023
sp_UserOfflineSmall Offline

kedalt said
Is it required to call in if you want to open a GIC with funds already in your TFSA savings account?

The option to fund the gic from TFSA savings doesn't seem to be there.  

No need to call in, the option is there.

Select the Account Services menu on the left side of the main menu.
Then select Tax-Free Savings Account under the Open a New Account menu.
The next screen will give you the options to open TFSA GICs:

Tax-Free Savings Accounts
To invest in a specific TFSA product, choose the appropriate Open Account link
Motive TFSA GIC
Minimum Balance Length Interest Rate
$1,000.00 - $99,999,999.00 12 to less than 24 months 5.120% Open account

$1,000.00 - $99,999,999.00 24 to less than 36 months 4.850% Open account

$1,000.00 - $99,999,999.00 36 to less than 48 months 4.750% Open account

$1,000.00 - $99,999,999.00 48 to less than 60 months 4.720% Open account

$1,000.00 - $99,999,999.00 60 to less than 72 months 4.720% Open account

$1,000.00 - $99,999,999.00 72 to less than 84 months 4.850% Open account

$1,000.00 - $99,999,999.00 84 to less than 96 months 4.950% Open account

$1,000.00 - $99,999,999.00 96 to less than 108 months 4.950% Open account

$1,000.00 - $99,999,999.00 108 to less than 120 months 4.950% Open account

$1,000.00 - $99,999,999.00 120 months 4.950% Open account

Once the TFSA GIC is opened, you can fund it from TFSA savings.

April 24, 2023
1:56 pm
kedalt
Member
Members
Forum Posts: 3
Member Since:
April 18, 2023
sp_UserOfflineSmall Offline

cgouimet said

It's probably offering funding options that exist. If you don't have a TFSA HISA, it can't offer to fund your TFSA GIC from "your" TFSA HISA" but it is offering to fund it from your non-registered HISA.  

Warwick111 said

No need to call in, the option is there.

Thank you very much for the answers!

I have already opened a TFSA savings account. It seems the option to fund the GIC with my TFSA savings just didn't appear in the drop down list because it only shows accounts with greater than $1000, so you first have to move money into it.

Also it's great that the advertised 5.12% for 1 year can actually be gotten for 23 months.

May 6, 2023
4:49 am
dougjp
Member
Members
Forum Posts: 559
Member Since:
January 9, 2011
sp_UserOnlineSmall Online

I hadn't noticed before that the specific TFSA GIC expiry date can be chosen by the customer within a whole year's range, at the same rate. Ie; buy today, expiry around December 15, 2024.

That is excellent for pre-planning purposes, ie; the December TFSA manoeuvre. Doing that opens up fee free options of where to put the money at that time (as Motive charges a $ 50- TFSA transfer fee, not to mention lost interest during the transfer process), or just leave at Motive with a more usual 12/24/36 etc month expiry date.

The main accomplishment of almost all organized protests is to
annoy people who are not in them.

Please write your comments in the forum.