In Canada, we now have the opportunity to open a tax free savings account. Each year one can put in $5k with a 1% penalty (per month) on any amount over and above. Here's a link to one of the big banks' FAQ's http://www.tdcanadatrust.com/invest/start_tax_free_savings.jsp I'd like to start out by moving $25k in but I can't open the account with my current broker - I.B. Canada. Does anyone know of a broker in Canada that will allow the account with rates similar to I.B? Thx, B
questrade has a tax free "trading" account with all the same rules as for a TFSA except u can trade everything u can in a regular account in there except that you can't use margin obviously because it behaves in the same way as an rsp or rrsp.
it is like a rsp therefore if you have enough money in your account to buy a futures contract downright using no margin then i don't see why you wouldn't be able to buy it. i have contacted them about a day ago asking many of these questions i will let you know once they get back to me.
Unless it has changed they do not open RRSP accounts so I doubt they will have TFSA's. I would just go with one of the Trade Freedom or one of the other brokers. You will not be able to trade anything that requires margining so futures are out and I am not sure about options which I think you can buy is some RRSP's. Edit* I would talk to an tax accountant about over contributing to the account. The rules have not been clearly stated by the government on this or on allowable securities and I would not be surprised If you would end up paying tax on withdrawals on top of the 1% a month.
no futures on tfsa, it will behave the same way as rrsp. you can trade options (buy puts / calls, sell covered calls) and stock, and that's it. in US the equivalent is the Roth IRA I think, except that in the TFSA u can take the money out anytime u want.
I talked to the people at IB yesterday and I was told that there was a high probability they would not be offering the account. I've looked at several sites and I have yet to see futures on the list of possible instruments... possibly due to the leverage... as mentioned above. B
treated like an rrsp for trading. trade equities (long only), or options. no pink sheets. IB likely will never hold due to the paperwork burden (similar to rrsp's) gains are fully tax sheltered. Max of 5K per year to contribute, which can be carried forward annually (like rrsp's), plus will index annually. if you contribute 5k this year, then withdraw 5k, that room will not be available until the next year at least (don't remember the full details) For my investing style, this is the perfect vehicle for me, other than the contribution limits.