Td tfsa

[Ryan5459]

Has anyone tried to open a TFSA at TD Canada Trust? The TD website said that you can preopen an account just by going to a local branch but I was just there and customer service didn't know what I was talking about. I am meeting a sales rep tomorrow but I am not optimistic that TD is ready to accept customers for this account.

[jerryhung]

You can fill out the PDF form, print it out, mail it back
https://www.tdwaterhouse.ca/apply/forms/528922.pdf

Note:
You can't start buy in TDW until Feb 2009
You can contribute starting Jan 2, 2009


Dear Valued Client,
Thank you for choosing to pre-register for a TD Waterhouse(*) Tax-Free Savings Account (TFSA)
with TD Waterhouse Discount Brokerage. Your new TFSA is a valuable investment and wealth
planning tool designed to better help you achieve your financial goals. As Canada’s leading provider
of discount brokerage services, we look forward to helping you invest with confidence.
What you should expect after January 2nd, 2009:
Your new TD Waterhouse Tax-Free Savings Account will not be activated until January 2, 2009.
New TD Waterhouse Discount Brokerage clients:
Once your new TFSA is activated, you will receive a TD Waterhouse Discount Brokerage New
Account Welcome Package in the mail. This package will reference your new TFSA account number,
and outline some important information regarding your account and our services.
Existing TD Waterhouse Discount Brokerage clients:
Once your new TFSA is activated, you will receive confirmation of your new TFSA account number
in the mail.
Contributions and Investment Instructions:
Effective January 2, 2009, you will be able to contribute and place trades in your TFSA by calling a
TD Waterhouse Discount Brokerage Investment Representative. For your convenience, our
Investment Representatives are available to take your instructions 24 hrs a day, 7 days a week.
Additionally, cash contributions can be made in person at any TD Canada Trust location. If you are an
existing TD Canada Trust banking client and have access to internet banking services, you may also
make cash contributions to your TFSA online using EasyWeb(*). Although you may see your new
TFSA on WebBroker once it is opened, electronic trading access and online contributions using
WebBroker(*) will be not available until a later date in January.
TD Waterhouse Discount Brokerage is a division of TD Waterhouse Canada Inc., a subsidiary of The Toronto-Dominion Bank. TD
Waterhouse Canada Inc. – Member CIPF. (*) Trade-mark of The Toronto-Dominion Bank, used under license.
For your convenience, below is a summary of key dates to remember:
Date Action In Person1 By Phone2 EasyWeb WebBroker
Access your new TFSA account �� �� ��
Contribute t As of January o your new TFSA �� �� ��
2nd
Submit Trading/Investment
instructions ��
Mid-February Contribute to your new TFSA �� �� �� ��
Submit Trading/Investment
instructions �� ��
Fees3 For Tax-Free Savings Accounts:
The TFSA will be offered with no annual administration fee when:
(1) Your account is registered for eServices - online trading confirmations, account
s t a t e m e n t s , a n d t a x d o c u m eOnrt sw. h en,
(2) Your total household assets4 with TD Waterhouse Discount Brokerage equal
$100,000 or more.
Otherwise, the standard annual administration fee of $50.005 applies.
Other TFSA Related Fees
Partial withdrawal fee
(For the second and any subsequent partial withdrawals made from the plan
during the contribution year.)
$25.005
Termination/Transfer Fee $125.005
Partial Transfer Fee (per asset, to a maximum of $125) $25.005
Swap Fee $45.005
If you have any questions regarding your new TD Waterhouse Tax-Free Savings Account, please do
not hesitate to call an Investment Representative at 1-800-465-5463.
Again, thank you for choosing TD Waterhouse Discount Brokerage.

[Ryan5459]

Thanks for the help but I am interested in opening an account at TD Canada Trust not TD Waterhouse. The difference is in the fees. I am not interested in paying $50 a year to maintain a TFSA.

[1LuckyGuy]

Thanks for the help but I am interested in opening an account at TD Canada Trust not TD Waterhouse. The difference is in the fees. I am not interested in paying $50 a year to maintain a TFSA.

Well, if you sign up for paperless recordkeeping, there is no fee.
On the topic though, some of these fees are pretty high, I'm a little surprised. $50 even on $5000 would be a 1% charge right away if you don't get them to waive the fee. And $25 for each withdrawal per year? (after the first) I thought we were supposed to be unrestricted in putting in/taking out money from the TFSA. Haven't seen what the other banks are offering, but I assume its about similar for investment accounts. I just hope there aren't any surprise fees with regular TFSA savings (PC, ING, etc...)

[Jobu]

Thanks for the help but I am interested in opening an account at TD Canada Trust not TD Waterhouse. The difference is in the fees. I am not interested in paying $50 a year to maintain a TFSA.

I'm interested in a TD Canada Trust e-series TFSA account as well. If anyone tracks down the pre-application form, please let us know!

[Ryan5459]

I am meeting with a TD Canada Trust sales person tomorrow. I will let you know what they say. As far as I can tell you need to go in person to open a TD Canada Trust account.

[Thalo]

TFSAs with TDCT won't be available until January 2nd. Mutual Fund TFSAs with TDIS will be available mid-December (I would assume e-fund as well).

I just pre-registered for a TDW TFSA today. Fee is waived for 2009, but I plan to register e-services right away anyway because I hate their statements. I didn't even know about the one free withdrawal per year, but that's more than enough because this is for savings goals, not a slush fund.

[Ryan5459]

I received an email from from TDCT saying that you can preopen a TFSA by calling a 1-800 number or going to your local branch. This email might have only been sent to existing customers that have a RRSP or non-RRSP account set up.

I plan to eventually switch over to TDW once I hit a balance of $100K but right now I find the fees at TDW to much for a portfolio the size of mine.

[Thalo]

I received an email from from TDCT saying that you can preopen a TFSA by calling a 1-800 number or going to your local branch. This email might have only been sent to existing customers that have a RRSP or non-RRSP account set up.

I plan to eventually switch over to TDW once I hit a balance of $100K but right now I find the fees at TDW to much for a portfolio the size of mine.

It probably only referred to a TDW TFSA, but likely they'll be able to open the TDCT TFSAs (for GICs) without much paperwork anyway and you can unofficially "pre-register".

TDW TFSA is no-fee as long as you switch it to e-services. The fee is basically for the mountain of incomprehensible statements they send you.

[Ryan5459]

I imagine that the TDCT TFSA will let me purchase TD efunds (ie. the couch potateo portfolio) much like in my TD RRSP and TD non-RRSP accounts.

I didnt know that TDW was no fee. I thought you had to pay an annual fee if you had an account less than $100K.

[Ryan5459]

Here is the email they sent me:


EasyWeb Important Messages

The NEW Tax-Free Savings Account – Pre-register today!

November 24 2008

Starting January 2nd 2009, there’s a great new way for you to save money. TD Canada Trust will be offering the new Tax-Free Savings Account, which was recently announced by the Canadian government in the 2008 budget. A Tax-Free Savings Account (TFSA) is a flexible investment account that allows you to earn investment income without paying taxes and gives you access to your money whenever you want it.

A TFSA is a great way to save money for major purchases like a car, a home renovation or a family vacation, to put away more money for retirement, or just to have money available when you need it.

Pre-register for your TFSA by visiting a TD Canada Trust branch, or call us at 1-866-222-3456.

Click here for more information about the TFSA and answers to frequently asked questions.

[alanbrenton]

It probably only referred to a TDW TFSA, but likely they'll be able to open the TDCT TFSAs (for GICs) without much paperwork anyway and you can unofficially "pre-register".

TDW TFSA is no-fee as long as you switch it to e-services. The fee is basically for the mountain of incomprehensible statements they send you.

Thalo, how inferior is the webbroker vs the active trader platform? I checked TD's website out yesterday and noted that there is $99/month fee for the active trader account. Is it actually possible to set up an active trader account without the data fees? Thanks.

http://www.tdwaterhouse.ca/activetrader/pricing_and_qualification.jsp

[monty613]

Thalo, how inferior is the webbroker vs the active trader platform? I checked TD's website out yesterday and noted that there is $99/month fee for the active trader account. Is it actually possible to set up an active trader account without the data fees? Thanks.

http://www.tdwaterhouse.ca/activetrader/pricing_and_qualification.jsp

data fees are waived if you trade 150+ trades/quarter. judging by your recent posts re: discount brokerages, you probably don't fall into this category.

it's a great platform but a little overkill if you aren't a day trader.

[alanbrenton]

data fees are waived if you trade 150+ trades/quarter. judging by your recent posts re: discount brokerages, you probably don't fall into this category.

it's a great platform but a little overkill if you aren't a day trader.

Thanks for the clarification. Now I understand that you cannot forego the data fees (unless you reach the threshold) if you were to subscribe to the active trader platform.

I thought the trading platform could come separate from the data fees the same way some people have interactivebrokers account but forego paying the $10/month data feed.

[Thalo]

data fees are waived if you trade 150+ trades/quarter. judging by your recent posts re: discount brokerages, you probably don't fall into this category.

it's a great platform but a little overkill if you aren't a day trader.

Yeah, I tried the demo once but I didn't even know what half the crap on the screen does. Still, it's nice to have if you're willing to spend or trade that much.

I do just fine with Webbroker doing my "weektrading".

[sonypcs]

Here is a suggestion...I am NOT bashing people to open up a TFSA so Dont be mad !!!

I was wondering why you all are going to the bank or doing that online on opening a TFSA account which pays you only 3 or 4 % interest ? Do you think this TFSA should be use on buying ETF's, stocks or mutual funds that pays you the HIGHEST percetage of return in order to get those CAP GAINS TAX FREE ?

Lets say you put $ 5,000 in this TFSA working with 3.5 % interest, your return is only $ 190 - 200.00 / year from that and only that amount is tax free.

If your tax bracket is LOW enough, the benefit of putting this money into TFSA means you wont receive a T5 to report to CRA only...

Lets say if your tax bracket is 30 %, the benefit of putting this money into TFSA means you wont receive a T5 (which you will be paying $ 60 of taxes to the CRA supposed) and you benefited only that interest earned.

If I put into a Canadian Equity ETF or lets say a Bank Lovers stock like (TD Bank)..With 100 shares = $ 4,500..What I will be getting if POSSIBLE CAPITAL GAINS and Dividend TAX FREE.. and if I do this every year, I would be able shelter this apperciation and dividend in the long run and it creates wealth better than 3.5 or 4 % savings account...

Please remember you have to factor INFLATION into your return on your money too...Everyone says gas is cheap, oil is cheap so we are deflating..but who knows when will this be finished ...

My view --> I believe 2% inflation should be factored in with any return of money every year. That means 3.5 % savings account means 1.5 % FINAL RETURN after inflation...

If you think I am BSing...look at Macdonald's...Big Mac Combo is going from $ 3.99 plus 7 % Tax 4 years ago and its now $ 5.99 Plus 13 % Tax in 2008...

[Thalo]

Here is a suggestion...I am NOT bashing people to open up a TFSA so Dont be mad !!!

I was wondering why you all are going to the bank or doing that online on opening a TFSA account which pays you only 3 or 4 % interest ? Do you think this TFSA should be use on buying ETF's, stocks or mutual funds that pays you the HIGHEST percetage of return in order to get those CAP GAINS TAX FREE ?

Lets say you put $ 5,000 in this TFSA working with 3.5 % interest, your return is only $ 190 - 200.00 / year from that and only that amount is tax free.

If your tax bracket is LOW enough, the benefit of putting this money into TFSA means you wont receive a T5 to report to CRA only...

Lets say if your tax bracket is 30 %, the benefit of putting this money into TFSA means you wont receive a T5 (which you will be paying $ 60 of taxes to the CRA supposed) and you benefited only that interest earned.

If I put into a Canadian Equity ETF or lets say a Bank Lovers stock like (TD Bank)..With 100 shares = $ 4,500..What I will be getting if POSSIBLE CAPITAL GAINS and Dividend TAX FREE.. and if I do this every year, I would be able shelter this apperciation and dividend in the long run and it creates wealth better than 3.5 or 4 % savings account...

Please remember you have to factor INFLATION into your return on your money too...Everyone says gas is cheap, oil is cheap so we are deflating..but who knows when will this be finished ...

My view --> I believe 2% inflation should be factored in with any return of money every year. That means 3.5 % savings account means 1.5 % FINAL RETURN after inflation...

If you think I am BSing...look at Macdonald's...Big Mac Combo is going from $ 3.99 plus 7 % Tax 4 years ago and its now $ 5.99 Plus 13 % Tax in 2008...


You make a good point, but I'd keep my Canadian bank stocks outside of the TFSA, unless it was the only investment I had. Corporate bonds or U.S. dividend paying stocks (provided there is a tax treaty that excludes them from IRS witholding tax) would be more efficient in the TFSA.

[Ryan5459]

sonypcs - unless I am misunderstanding what you are saying, you seem to be confused about what a TFSA can hold. A TFSA can hold the same assets as an RRSP (stocks, bonds, mutual funds, GICs ect.). I want to open a TFSA at TD CT because I like the TD Index eFunds because they have the lowest expense ratios. I am certaintly not planning to invest in GICs.

I went to visit TD yesterday to talk about TFSA. The sales reps really didnt know what I was talking about but said to come back in January. I gave them crap for sending out an email to all of there customers telling them to come to their local branch to open up a TFSA before they were ready to actually sign up customers. I guess good help is hard to find.

[Thalo]

sonypcs - unless I am misunderstanding what you are saying, you seem to be confused about what a TFSA can hold. A TFSA can hold the same assets as an RRSP (stocks, bonds, mutual funds, GICs ect.). I want to open a TFSA at TD CT because I like the TD Index eFunds because they have the lowest expense ratios. I am certaintly not planning to invest in GICs.

I went to visit TD yesterday to talk about TFSA. The sales reps really didnt know what I was talking about but said to come back in January. I gave them crap for sending out an email to all of there customers telling them to come to their local branch to open up a TFSA before they were ready to actually sign up customers. I guess good help is hard to find.

Were you talking to a teller? It's pathetic how uninformed they usually are about everything apart from their basic job functions. Even the ones that are on the job for many years. Not their fault, I think management and the training programs are to blame.

AFAIK, you can only open the TDW TFSA now, but you should be able to open the TDMF TFSA by mid-December.

[Ryan5459]

First I spoke to a teller who naturally had never heard of a tax free savings account. The teller set me a meeting for me with a financial advisor the following day. The financial advisor told me that they were not set up to open up TFSAs until at least Dec. 8th.

I dont blame the teller but I did give the financial advisor grief for the email that TD sent out to all of their customers telliing them to come to their local branches to open up a TFSA. I also gave the guy grief for not calling me to cancel our meeting when he knew that it was to early to open up a TFSA.

[bobbycat]

was wondering if the gov't can come in a year later and scrap the TFSA
or is the TFSA good for life?

just wondering :confused:

[sienna owner]

First I spoke to a teller who naturally had never heard of a tax free savings account. The teller set me a meeting for me with a financial advisor the following day. The financial advisor told me that they were not set up to open up TFSAs until at least Dec. 8th.

I dont blame the teller but I did give the financial advisor grief for the email that TD sent out to all of their customers telliing them to come to their local branches to open up a TFSA. I also gave the guy grief for not calling me to cancel our meeting when he knew that it was to early to open up a TFSA.

right...cause he has control over the emails that TD head office sends out as part of the marketing strategy.
i do agree about not calling you before hand...if he was told why the appt was set up in the first place..but that fault probably lies with the teller who set the appt up for you in the first place.

[Thalo]

was wondering if the gov't can come in a year later and scrap the TFSA
or is the TFSA good for life?

just wondering :confused:

As long as the f***ing NDP don't ever win the election.

I think the TD e-mail refers only to the TDW TFSA, it just doesn't specify. Also, if you contact the branch to enquire and are looking to open a TFSA term/savings account or mutual fund account, the well informed staff should be able to set up an appointment in the future along the proper timeline.

[jiepie]

does td charge commission fee if you use tfsa to invest in stocks?

i mean a 20 to 29$ commission is huge chunk of % for a 5000$ initial investment.

[Ryan5459]

I dont expect TD to charge annual fees for the TFSA and if you buy mutual funds there are no commissions.

[Thalo]

I dont expect TD to charge annual fees for the TFSA and if you buy mutual funds there are no commissions.

Right... I wouldn't use my tiny $5000 TFSA to build a stock portfolio. Better to buy some e-funds or a GIC.

[alanbrenton]

On TDW's webpage: http://www.tdwaterhouse.ca/trading/asff.jsp ,I saw this footnote:

2 Your household's quarterly trading activity and asset level are reviewed on a monthly basis. Active Investor Commission Rates are automatically effective by the 4th business day of each month using your eligible trading activity from the previous three calendar months and your household asset level as at the end of the previous month. You may qualify for these rates if you fulfill either our trading activity or asset level requirements. An eligible trade is defined as a commissionable filled equity or option order. You must re-qualify on a monthly basis for Active Investor Commission Rates to stay in effect.

Does this mean that when one first starts out with TDW with total household assets less than $100k, the commissions charged would be $29 for 1,000 shares? What if during the quarter, one actually traded 30 or more times, will TDW refund the excess commissions paid earlier?


Also, on the webpage:

Consolidate your investments and save

Regardless of the number of accounts and account types you may hold with us – personal or non-personal, registered or non-registered - your commission rates may be determined by the consolidated total of trading activity or asset level across all your TD Waterhouse Discount Brokerage accounts. You will receive the Active Investor Commission Rates each time you place a trade in any of these accounts. This provides you with yet another reason to consolidate all of your investment business with TD Waterhouse Discount Brokerage. Please be sure to advise us of your multiple account relationships.

It seems that the 30 trades /quarter is quite achievable if I were to move all my registered accounts to TDW.


Note 3 states the following but does not specify that the account holders must be from the same nuclear family. Would friends living in the same residence/apartment who each have TDW accounts be considered as one household? If so, it is tempting to move my accounts to TDW as a mere address change to my uncle's residence could allow us to trade for the $9.99 flat fee.

3 Household accounts are defined as those TD Waterhouse Discount Brokerage accounts for clients living in the same household, with the same address. You must advise TD Waterhouse Discount Brokerage of these multiple account relationships.

Thanks for the clarifications. I might actually go with TDW after all. :)

[angel_wing0]

Right... I wouldn't use my tiny $5000 TFSA to build a stock portfolio. Better to buy some e-funds or a GIC.

well maybe in a few years when your contribution is like 20k+

[monty613]

Does this mean that when one first starts out with TDW with total household assets less than $100k, the commissions charged would be $29 for 1,000 shares? What if during the quarter, one actually traded 30 or more times, will TDW refund the excess commissions paid earlier?

Yes if you have less than $100K, you pay the full rate. If you do achieve 30+, you don't get refunded. However, when you open your account try giving them a call and tell them you already trade over 30+/qtr and you're thinking of moving to TD. The reps are supposed to get a copy of your trading activity, but most don't bother and will upgrade you to $9.99 right away (then so long as you trade 30+/qtr you will maintain the $9.99)


It seems that the 30 trades /quarter is quite achievable if I were to move all my registered accounts to TDW.

Note 3 states the following but does not specify that the account holders must be from the same nuclear family. Would friends living in the same residence/apartment who each have TDW accounts be considered as one household? If so, it is tempting to move my accounts to TDW as a mere address change to my uncle's residence could allow us to trade for the $9.99 flat fee.


Yes, the "household" is based on address and includes all types of accounts (personal, non-personal, SDRSP/RIF/TFSA, margin/cash).

[Thalo]

With TDW I've found that the flipside of not getting cheap trades in your first month, if your household balance is over $100K or you do 30 trades, is that if your balance goes down one month or you stop doing as many trades, you continue to get the cheap trades until the end of the month.

[alanbrenton]

Yes if you have less than $100K, you pay the full rate. If you do achieve 30+, you don't get refunded. However, when you open your account try giving them a call and tell them you already trade over 30+/qtr and you're thinking of moving to TD. The reps are supposed to get a copy of your trading activity, but most don't bother and will upgrade you to $9.99 right away (then so long as you trade 30+/qtr you will maintain the $9.99)



Yes, the "household" is based on address and includes all types of accounts (personal, non-personal, SDRSP/RIF/TFSA, margin/cash).

Thanks Monty. These are good to know. The 30 trades/quarter will be attainable with three or four accounts around.

[alanbrenton]

Yes if you have less than $100K, you pay the full rate. If you do achieve 30+, you don't get refunded. However, when you open your account try giving them a call and tell them you already trade over 30+/qtr and you're thinking of moving to TD. The reps are supposed to get a copy of your trading activity, but most don't bother and will upgrade you to $9.99 right away (then so long as you trade 30+/qtr you will maintain the $9.99)


I've tried to talk to one TDW representative in downtown Toronto and he wanted a broker statement. I'll try to call different branches to see if one of the representatives gives in to my request.

So we can actually open TDW accounts over the phone? Or do I keep phoning different branches until I speak to one representative who will not require the broker statements?

Do the TDW Business Development Associates have a quota to meet at the end of each month? Maybe I should be phoning in closer to month-end when they will be a little more aggressive.

Thank you all.

[Jobu]

Does anyone know if you can hold e-series funds inside the TD Canada Trust Mutual Funds TFSA (https://www.tdcanadatrust.com/mutualfunds/tax_free_savings.jsp)? I assume so, but it's not clear.

Also, does anyone know if any fees are involved?

I am currently on hold with it sounds like some call centre in India and am about to give up on getting answers to this question. The CSR I spoke to had to put me on hold because he doesn't know the answer to either.

[Octavius]

Does anyone know if you can hold e-series funds inside the TD Canada Trust Mutual Funds TFSA (https://www.tdcanadatrust.com/mutualfunds/tax_free_savings.jsp)? I assume so, but it's not clear.

Also, does anyone know if any fees are involved?

I am currently on hold with it sounds like some call centre in India and am about to give up on getting answers to this question. The CSR I spoke to had to put me on hold because he doesn't know the answer to either.

The link is dead.

Also, you can hold e-funds mutual funds inside the TD Canada Trust Mutual Funds TFSA.

[Jobu]

The link is dead.

Also, you can hold e-funds mutual funds inside the TD Canada Trust Mutual Funds TFSA.

Yeah, apparently you need to open a Mutual Funds TFSA, and then convert it to an e-series account using the conversion application. For now, at least, you can't directly apply to open an e-series TFSA account.

I'm just going to go into TD Canada Trust today and deal with it, hopefully with someone who speals reasonable English.

[CSR]

Quick Fyi

http://www.tdcanadatrust.com/accounts/pdfs/RSP_TFSA_Comparison_Chart_e.pdf

[Thalo]

To avoid the India call center, don't enter your card number and phone code and just choose the option to speak with a rep right away.

Unfortunately, if it goes to the Markham call center you won't hear a difference. :razz:

[don242]

Yeah, apparently you need to open a Mutual Funds TFSA, and then convert it to an e-series account using the conversion application. For now, at least, you can't directly apply to open an e-series TFSA account.

I'm just going to go into TD Canada Trust today and deal with it, hopefully with someone who speals reasonable English.

I think that was the way it worked for me as well when I tried to open a RRSP e-series account. You needed to open the mutual fund acount first then convert it.

Hopefully it works out for you at the branch. It took me three visits and multiple phone calls to finally get the account opened properly. Calling was actually the better option since no one at the branches really knew what the e-series accounts were and kept insisting that it is a Waterhouse account.

[CSR]

I called today to inquire about holding e-series funds in the TSFA. The process is simple. The rep said the quickest way to do this is to

1) go into a branch, open a mutual fund account under the TFSA (will need to fill out the wealth allocation survey)

2) fill out the conversion form to convert the mutual fund account into an e-series account. They should mail the form via inter-office mail for you.

Form here: https://www.tdcanadatrust.com/mutualfunds/tdeseriesfunds/pdf/ConvertAccount.pdf

https://www.tdcanadatrust.com/mutualfunds/tdeseriesfunds/convert_acct.jsp

That's exactly what I did today. Simple.

[CSR]

I think that was the way it worked for me as well when I tried to open a RRSP e-series account. You needed to open the mutual fund acount first then convert it.

Hopefully it works out for you at the branch. It took me three visits and multiple phone calls to finally get the account opened properly. Calling was actually the better option since no one at the branches really knew what the e-series accounts were and kept insisting that it is a Waterhouse account.

Beat me by a minute.

You're right, the branch financial advisors knew nothing about the e-series funds. Direct them to this link :https://www.tdcanadatrust.com/mutualfunds/tdeseriesfunds/convert_acct.jsp

From the main TDcanadatrust page > Products & services > Investing > Mutual Funds (sidebar) > TD e-series funds > Apply Now > Convert an Account

Their in-branch web site looks different so make sure you direct them to https://www.tdcanadatrust.com/

[Edirol]

When it converts, will it still be a tax-free account, or will it "revert" back into a regular non-RRSP mutual fund account?

If you goto open a new TD efunds account, it doesn't give you an option to select a TFSA version of the efund account: only RRSP/non-RRSP.

Beat me by a minute.

You're right, the branch financial advisors knew nothing about the e-series funds. Direct them to this link :https://www.tdcanadatrust.com/mutualfunds/tdeseriesfunds/convert_acct.jsp

From the main TDcanadatrust page > Products & services > Investing > Mutual Funds (sidebar) > TD e-series funds > Apply Now > Convert an Account

Their in-branch web site looks different so make sure you direct them to https://www.tdcanadatrust.com/

[CSR]

When it converts, will it still be a tax-free account, or will it "revert" back into a regular non-RRSP mutual fund account?

If you goto open a new TD efunds account, it doesn't give you an option to select a TFSA version of the efund account: only RRSP/non-RRSP.

You are holding a non-rrsp mutual fund account under the TFSA. When you convert, you are converting your (non-RRSP) mutual fund account to an e-series account.

Think of the TFSA as an account which you can hold any vehicle of investment.

[Doz9]

Is there anyone else having similar problems?

I pre registered @ TD Waterhouse on Dec 10, 2008 for a TFSA. They assured me that my account would show up online on Jan 2 and that I could contribute to the account by transferring stock from my cash account in the discount brokerage.

Well, here it is Jan 5 @ 5:30 pm and still no account. I've missed two trading days and the $5000 worth of stock I was going to transfer in has now risen to $5619.00 so now I'm forced to put in fewer shares. I have been on the phone speaking to agents 5 times in the last 4 days only to be told their working as hard as they can to get all the applications input and they understand my problem.

Surely to god TD bank can afford to go to Kelly Services and hire a few extra data entry clerks to get this workload done.

This is very poor planning on managements part.
If it wasn't so expensive I'd move everything out to another discount brokerage.

[CSR]

Is there anyone else having similar problems?

I pre registered @ TD Waterhouse on Dec 10, 2008 for a TFSA. They assured me that my account would show up online on Jan 2 and that I could contribute to the account by transferring stock from my cash account in the discount brokerage.

Well, here it is Jan 5 @ 5:30 pm and still no account. I've missed two trading days and the $5000 worth of stock I was going to transfer in has now risen to $5619.00 so now I'm forced to put in fewer shares. I have been on the phone speaking to agents 5 times in the last 4 days only to be told their working as hard as they can to get all the applications input and they understand my problem.

Surely to god TD bank can afford to go to Kelly Services and hire a few extra data entry clerks to get this workload done.

This is very poor planning on managements part.
If it wasn't so expensive I'd move everything out to another discount brokerage.

Did you go in branch to do the TFSA application? They set me up instantly on the 2nd of Jan.

[jerryhung]

no problem with TDW here at all

Registered my TDW TFSA in TD branch in Dec, showed up today for sure (forgot to check Jan 2), I am in no rush to put in for now. My SDRRSP showed up the same day I registered with TDW Branch (not TD Branch)

[Thalo]

Is there anyone else having similar problems?

I pre registered @ TD Waterhouse on Dec 10, 2008 for a TFSA. They assured me that my account would show up online on Jan 2 and that I could contribute to the account by transferring stock from my cash account in the discount brokerage.

Well, here it is Jan 5 @ 5:30 pm and still no account. I've missed two trading days and the $5000 worth of stock I was going to transfer in has now risen to $5619.00 so now I'm forced to put in fewer shares. I have been on the phone speaking to agents 5 times in the last 4 days only to be told their working as hard as they can to get all the applications input and they understand my problem.

Surely to god TD bank can afford to go to Kelly Services and hire a few extra data entry clerks to get this workload done.

This is very poor planning on managements part.
If it wasn't so expensive I'd move everything out to another discount brokerage.

I opened mine in branch, showed up on my webbroker on December 30th. I was able to transfer in $5000 on the 1st (posted on the 2nd, as it was a holiday), but the only problem was that I wasn't able to do a fund purchase. Had to call in to do it but they did it for me on the phone and said it was a technical glitch that they're working on.

[Doz9]

I'm at my wits end with TD.
I did go into the local branch to set up this account (10 Dec/08).

Yesterday 2 different people at TD Auto insurance told me I wasn't covered for a broken windshield caused by vandalism. 15 minutesafter I wrote a strongly worded email another representative called me and said that in fact I was covered and the previous 2 people were "incorrect".

How many people get told that they're not covered and pay it themselves without pursuing it further? It's no wonder their profits are in the BILLIONS!!

As soon as my new glass is installed I'm shopping for new insurance.

I know I'm ranting, but I'm fed up with big corporations like TD sucking the little people for every nickel and penny they can get then not providing the service they promise. They should be nuked!

[Ryan5459]

I am having the same issues as you Dozi.

I went to TD CT to open a TFSA in December only to be told that I would have to come back in Janurary to set up a pre authorized payment plan i.

I went back to TD CT in January only to be told that I couldn't purchase any mutual funds and that I should just keep monitoring the website.

Both times TD CT could have called me to tell me that I was wasting my time coming in but both times they made me come to meet with one of their sales people just to tell me that they couldnt help me.

I dont understand what is going on over there. Its not brain surgery. Just let people purchase e-funds in the TFSA.

[professionaldude]

What's the penalty if you go over your contribution limit? :confused:

[bball_homer]

I went to the branch on Jan 2, to set it up, and sign some signatures

Today, it hasn't shown up on Webbroker yet. I called the rep and they say it's still pending approval. I'm kinda disappointed to say the least. The rep tells me there has been a bit of delay and you probably waiting till Monday, pretty pretty disappointed here

[angel_wing0]

What's the penalty if you go over your contribution limit? :confused:

Like rrsp, 1% per month.

[Edirol]

I guess the real question I'm asking is if TD will allow you to hold efunds in a TFSA account. Like PCF seems to only allow a daily interest savings account in TFSA. Does anyone know if this has been confirmed? Has anyone successfully converted their account to e-series while still being TFSA eligible?

Thanks,
- Edirol

You are holding a non-rrsp mutual fund account under the TFSA. When you convert, you are converting your (non-RRSP) mutual fund account to an e-series account.

Think of the TFSA as an account which you can hold any vehicle of investment.

[professionaldude]

Like rrsp, 1% per month.

What excatly this means? :confused: Let say I deposited 10 K and the contribution limit is 5K, Does it mean I will pay tax on 5k coz the contribution limit is 5K.
Is it OK to go over 5 K?

[Buggy166]

probably 1% per month for the extra 5k for x amount of months until perhaps next year hits...in which case u stop paying interest and ur extra 5k converts into the deposit for the entirety of 2010.

not exactly sure but id guess something to that degree. in which case, you'll probably be better off with 5k in tfsa and 5k in GIC or other investments.

remember, time is always money. dont lock up something if u can make more of a profit from it now in 1-3 months than in an entire year. as an example anyways.

[AllWheelDrift]

What excatly this means? :confused: Let say I deposited 10 K and the contribution limit is 5K, Does it mean I will pay tax on 5k coz the contribution limit is 5K.
Is it OK to go over 5 K?
It means every month you are over you will be subject to a $50 penalty (1% of the 5K you over contributed) so if you leave the money there for a year, you'll have to pay the government $600.

[CSR]

I guess the real question I'm asking is if TD will allow you to hold efunds in a TFSA account. Like PCF seems to only allow a daily interest savings account in TFSA. Does anyone know if this has been confirmed? Has anyone successfully converted their account to e-series while still being TFSA eligible?

Thanks,
- Edirol

the answer is YES. Call easy line and they will tell you (after tranfering to an investment specialist).

My TFSA mutal fund account is being converted into an e-series account soon.

[angel_wing0]

What excatly this means? :confused: Let say I deposited 10 K and the contribution limit is 5K, Does it mean I will pay tax on 5k coz the contribution limit is 5K.
Is it OK to go over 5 K?

1% of your over contribution per month, in this case $50 a month.

It is ok to go over, the government will thank u for it, thats all :lol:

[professionaldude]

This might be helpful for some people.
http://www.budget.gc.ca/2008/mm/calc_e.html

[CSR]

Got my TFSA mutal fund to covert to TD-E series successfully. I can now buy E-series funds. Took 2 business days from when they mailed it out (inter office mail sent out on monday).

[tmo72]

Is there anyone else having similar problems?


Yes! I dropped of my TDW application at a TD branch in november, and still don't have an account.


This is very poor planning on managements part.
If it wasn't so expensive I'd move everything out to another discount brokerage.

I've been happy with TDW's service until now... it's pretty disappointing. On top of this, they won't have online trading with a TFSA until feb. At least they claim it'll be available then.

I wonder if RBCDI still has their 1% transfer offer.

[Thalo]

Yes! I dropped of my TDW application at a TD branch in november, and still don't have an account.



That answers my question in the other thread. Why do you think your account will be opened quickly and efficiently when you just "drop off an application"? Any FA or FSR in that branch can open the account for you and get it done right.

[tmo72]

That answers my question in the other thread. Why do you think your account will be opened quickly and efficiently when you just "drop off an application"? Any FA or FSR in that branch can open the account for you and get it done right.
To be more clear, I did see a financial advisor. At the time he told me that they weren't set up for electronic applications yet, so I filled in a paper one. This was during the week they started accepting "pre-registrations"... he said I was the first person to register at his branch.

Maybe I will have to go in again. The timeline for opening my account has gone from "one or two days" to "we don't know exactly". Funny thing is, I thought that by signing up right away I'd avoid any rushes... but it seems now I may have signed up before they were ready for it.

It looks like lots of other people are having problems with their tfsas (and not just td):
http://network.nationalpost.com/np/blogs/wealthyboomer/archive/2009/01/05/are-some-banks-blowing-the-tfsa-launch.aspx

[Doz9]

You should all know that TD is monitoring this board. The subject line above is the subject of my last post (#47 on page 4 of this forum).

This morning I rec'd the following email from TD:

RE: TFSA not setup even though I pre-registered on Dec 10 (Thread:477235)

Dear (my name was inserted here),

TD Waterhouse strives to provide the utmost in professional service and we regret any instances where we fall short of expectations. Unfortunately, due to higher than anticipated demand and a high number of account application deficiencies, our back office has experienced delays in processing the application forms for the new Tax Free Savings Accounts.

To inquire about the status of your account application, please contact a TD Waterhouse Investment Representative at 1-800-465-5463 or 416- 982-7686. We are available 24 hours per day, 7 days per week, to assist you.

We regret any inconvenience this experience may have caused.

Regards,

Gregg Pelletier
Investment Representative, e-Client Services
TD Waterhouse Canada Inc.

This guy prpobably makes a decent buck doing this so I thought he might have been smart enough to read between the lines and figure out that I've already spent hours and hours on the phone with their 'Investment Representatives'.
If he couldn't read between the lines then he should have looked at my file before he gave me that 'advice'. He was able to obtain my email address from Red Flag. That's enough info to find me in his system.

Just another example of the quality of TD employee's/management.

[dealzuser]

I have an appointment with a TD Waterhouse rep on Sat. to set up my account. In past experience, I was able to use the account as soon as the TDW rep opened it. They gave me an account number right away.

When I emailed to ask, he didn't say that I have to wait before funding it...

I guess I'll see on Sat...

[Thalo]

You should all know that TD is monitoring this board. The subject line above is the subject of my last post (#47 on page 4 of this forum).

This morning I rec'd the following email from TD:

RE: TFSA not setup even though I pre-registered on Dec 10 (Thread:477235)

Dear (my name was inserted here),

TD Waterhouse strives to provide the utmost in professional service and we regret any instances where we fall short of expectations. Unfortunately, due to higher than anticipated demand and a high number of account application deficiencies, our back office has experienced delays in processing the application forms for the new Tax Free Savings Accounts.

To inquire about the status of your account application, please contact a TD Waterhouse Investment Representative at 1-800-465-5463 or 416- 982-7686. We are available 24 hours per day, 7 days per week, to assist you.

We regret any inconvenience this experience may have caused.

Regards,

Gregg Pelletier
Investment Representative, e-Client Services
TD Waterhouse Canada Inc.

This guy prpobably makes a decent buck doing this so I thought he might have been smart enough to read between the lines and figure out that I've already spent hours and hours on the phone with their 'Investment Representatives'.
If he couldn't read between the lines then he should have looked at my file before he gave me that 'advice'. He was able to obtain my email address from Red Flag. That's enough info to find me in his system.

Just another example of the quality of TD employee's/management.

Absolutely it's being monitored by TD staff. I'm monitoring it. I even brought this thread to the attention of some of the staff at my branch to try to improve customer service.

To be more clear, I did see a financial advisor. At the time he told me that they weren't set up for electronic applications yet, so I filled in a paper one. This was during the week they started accepting "pre-registrations"... he said I was the first person to register at his branch.

Maybe I will have to go in again. The timeline for opening my account has gone from "one or two days" to "we don't know exactly". Funny thing is, I thought that by signing up right away I'd avoid any rushes... but it seems now I may have signed up before they were ready for it.

It looks like lots of other people are having problems with their tfsas (and not just td):
http://network.nationalpost.com/np/b...sa-launch.aspx

That's what I hear too, that we're not alone in this. Think about it, RRSPs have been around for what, 3 decades? Yet we still get a glut of new account openings for those every year in Jan/Feb. TFSAs are completely new, so everyone out there wants to open one at the same time, as well they should. Every single new account application for any investment dealer has to be looked over with human eyes and vouched by a "Branch Manager" (compliance person). This is an almost herculean task.

Regarding opening the account electronically, unfortunately you would have been able to do this at the branch with the FA, it's just that the link to the electronic form was not shared by TDW with the branches right away in early December, or whenever it was. Myself, I e-mailed this link to a branch FA, had him open the account for me and it was open on Dec 31st already, transferred money in on the 1st.

[max88]

An administration fee ($50 + $2.50 GST) was charged to my TDWH TFSA on June 23rd. I signed up for eService, the fee should have been waived. Will be calling TDWH...

Anyone has this fee charged to your TDWH TFSA?

[bonzo]

An administration fee ($50 + $2.50 GST) was charged to my TDWH TFSA on June 23rd. I signed up for eService, the fee should have been waived. Will be calling TDWH...

Anyone has this fee charged to your TDWH TFSA?

I was charged two days ago in my chequing account, called and they said they would reverse it since I signed up to eServices however the fee was reversed and placed into the TFSA.

[glossyy]

I was charged two days ago in my chequing account, called and they said they would reverse it since I signed up to eServices however the fee was reversed and placed into the TFSA.

Wait, I just signed up for the TFSA account but the information sheet said paper statement is free, is that not true? I just signed up for the tfsa account for the simply save program. Is there any disadvantages for this? I was originally signed up to transfer money to the companion savings account but I was interested in the 1% savings interest so I switched.