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New To Forum, Canada and TFSA - Please Help
October 11, 2015
1:22 pm
GujjuSaver
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Hello,

I am a new international student to Canada. I am looking to get good interest for my money by investing in TFSA and also building a credit/savings profile of mine.

I have select following TFSAs to get the new account bonus :

Tangerine - $50 bonus if I open a new TFSA with at-least $100 + 2.4% rate till 31st March 2015 (or 6 months from opening the account). + $25 bonus for automatic enrollment of $100 per month for 6 months.

Achieva TFSA - $25 (+$25 if done via APP) bonus for new account with at-least $250 + 1.7% rate

==============

PC Financial has a current promo of 2.6% but money has to be deposited till 31st Oct 2015.
On the other hand, ZagBank has 2.5% promo till 20th March 2016. Thus, Zagbank looks more attractive to me.

===============

Thus, my questions are

1) Is there any other TFSA, GICs etc which have opening bonus ?
2) Is there any other TFSA etc who gives more than 2.5% return ?

Thanks for any help

October 15, 2015
12:33 am
smac999
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2 things. as a student you probably aren't earning an income and paying taxes anyways? so I doubt a TFSA will help you over a regular account, but if you plan to stay long term it would probably be worth setting up.

also I'm not sure how it works if you just got here. we are now allowed to put in $10,000 per calendar year. but if you enter the country part way though the year I don't know how this applies to you. you'd have to check up on your limits allowed.

October 15, 2015
3:58 pm
GujjuSaver
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smac999 said

2 things. as a student you probably aren't earning an income and paying taxes anyways? so I doubt a TFSA will help you over a regular account, but if you plan to stay long term it would probably be worth setting up.

also I'm not sure how it works if you just got here. we are now allowed to put in $10,000 per calendar year. but if you enter the country part way though the year I don't know how this applies to you. you'd have to check up on your limits allowed.

I am also working part time along with being a full time student. Thus, I am earning income and paying taxes. I am opening TFSA just to make my financial history and profile.

I won't be adding $10,000 per year in TFSA. I will just add minimum to get the bonus and a small amount monthly if I save a little bit.

Thanks!

October 15, 2015
7:36 pm
Yatti420
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PTC is the only TFSA cash you'd want.. Alot of places have TFSA closure fees.. You could always just redeem the cash and never use the account again..

They can't technically put your TFSA in the negative as its registered and forbidden.. I guess they could go after other accounts though etc at that point..

You are suppose to pay tax on regular (non-registered) savings.. So always fill the TFSA for long term cash.. I wouldn't recommend gics at all at this point.. Might aswell have money in the market...

October 15, 2015
7:43 pm
GujjuSaver
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Yatti420 said

PTC is the only TFSA cash you'd want.. Alot of places have TFSA closure fees.. You could always just redeem the cash and never use the account again..

They can't technically put your TFSA in the negative as its registered and forbidden.. I guess they could go after other accounts though etc at that point..

You are suppose to pay tax on regular (non-registered) savings.. So always fill the TFSA for long term cash.. I wouldn't recommend gics at all at this point.. Might aswell have money in the market...

What is the closure fee for Tangerine and Achieva ? I will close the TFSA account, not transfer it to any other institution.

Also Tangerine has $50 + $25 bonus for even savings account.

Thanks for the PTC tip. Do they have any new client bonus / refer friend bonus ?

October 16, 2015
1:28 am
Loonie
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If you are here on a student visa, you will need to make very sure you qualify for TFSA. The rules are not 100% clear. If you contribute to or maintain a TFSA to which you are not entitled, you could face significant penalties.
If I were you, I would want to get specific answers as to whether my situation qualified, in writing.
You could begin here:
http://www.cra-arc.gc.ca/tx/nd.....l-eng.html

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