TFSA - Pay Commissions Out Of Cash Account?

Discussion in 'Trading' started by Scorbles, Mar 11, 2009.

  1. Scorbles


    Does anyone know of a broker offering a TFSA trading account where you can pay the commissions from your cash account?
  2. Questrade is only broker that offers a Tax Free Trading account, as far as I know.
  3. RBC Direct Investing has a TFSA account. Sorry cant help with the commission question.
  4. Well, Questrade will probably offer the best package if you just deal with stocks and options or forex. They have the best commissions in Canada, and offer the tax free trading account.

    I don't really understand your question about the commissions...
    TFSA's are treated the same as RRSP trading accounts, they're cash accounts. For questrade you can set up a TFTA in USD or CAD, and trade it like any cash account, less all taxes of course :)
  5. Scorbles


    Sorry I guess I should have been more specific. I know of some full service brokers that will trade for free (no commissions) in an RRSP account and charge the commissions instead to the clients cash account. So the commissions costs are not eroding the value of the RRSP. I am wondering if anyone offers a service like this for the TFSA? I want to trade in it a lot but would like to pay commissions separately if that is possible.
  6. My understanding is that losses in a TFSA can't be used for tax deductions. I'd say that includes the loss incurred by the cost of aquiring and disposition of the security.

    I would think that's a little bit too much to ask for. How much trading costs can you rack up starting with $5000?

    Especially with commish like these...
  7. l2tradr


    TD offers them too. Yes, you can take out the admin fee from a cash account or bank account. You can't write off anything as far as losses or trading fees.
  8. is now scotia itrade

    my TFSA is tied into my trading accounts... i dont see anything different between them.
  9. Capital losses in TFSA can only be claimed against capital gains in TFSA. You can't claim a capital loss from your TFSA account against capital gains made elsewhere.
  10. l2tradr


    There are no capital gains or losses in a TFSA, you're net positive or net negative with no tax consequences.
    #10     Mar 12, 2009