TFSA fee comparison.

[jiepie]

hi

TFSA's availability is coming soon, most of us are not sure which institution to go with.

i created a google doc to outline all the fees associated with the TFSA. It is far from complete, if you know the fees from any institution, please post it here, i will update the doc.

here is the link to html:

http://spreadsheets.google.com/pub?key=pUGX28mRMpksBvW_14wsSIw

[Sandokan]

Google requires login for the document to be viewed, upload it somewhere else also.

[dux]

You are signed in as xxxx@gmail.com, but that email address doesn't have permission to access this spreadsheet

[jerryhung]

no access, and i'm too lazy to request access

should make it PUBLIC READ at least

[jiepie]

done, it is free to view without signing in.

here is the link:

http://spreadsheets.google.com/pub?key=pUGX28mRMpksBvW_14wsSIw

someone came and deleted all the work, so there is no permission to edit. sorry guys.

.

[jerryhung]

done, it is free to view without signing in.

here is the link:

http://spreadsheets.google.com/ccc?key=pUGX28mRMpkuGRrUV10Z-DQ

someone came and deleted all the work, so there is no permission to edit. sorry guys.

.

still no go, I suggest you try it yourself first in a separate browser (not logged into Google at all)

one more failed attempt and I'm giving up :)

[Jacklad]

I can see the original at http://spreadsheets.google.com/pub?key=pUGX28mRMpksBvW_14wsSIw but not the "fixed" version.

AFAIK, PCF is going to be equivalent to the High Interest Savings account - http://www.banking.pcfinancial.ca/a/products/TFSA.page?WT.mc_id=PCTFSA-001 lists the details. So, basically no admin or withdrawal fees. Mutual funds and individual stocks aren't available within the PCF product.

I'm not sure what you mean by "RRSP fee", though.

[simms]

where's questrade in this?

[thefleet]

if a fee is blank is it free or insufficient information?

[jiepie]

where's questrade in this?

i allowed anyone to edit, but someone misbehaved and deleted all the data. so i can't let anyone to edit anymore. please provide your data here, i will update the file.

[Code of Conduct]

For TD TFSAs->can you hold e-series mutual funds in this?

[Thalo]

For TD TFSAs->can you hold e-series mutual funds in this?

Most likely in the mutual fund account and definitely in the TD Waterhouse account.

I believe the TD Waterhouse TFSA also allows one free withdrawal per year, then charges per withdrawal. Also, this might apply to the BMO Investorline as well, no annual fee if you switch record keeping to e-services.

[angel_wing0]

I can access the spreadsheet on the op but not the fixed version. But what about GICs?

[Code of Conduct]

Most likely in the mutual fund account and definitely in the TD Waterhouse account.

I believe the TD Waterhouse TFSA also allows one free withdrawal per year, then charges per withdrawal. Also, this might apply to the BMO Investorline as well, no annual fee if you switch record keeping to e-services.

So just to clarify, if I was to set up a TD Waterhouse TFSA with record keeping via e-services, I will have a no-fee account to hold e-series mutual funds with only 5000 in the account for the first year. Is this correct? Thanks in advance.

[Jungle]

Why not just go for a TFSA with questrade and use ETFS? Less MER, a lot more options and the commissions are low. Just a thought.

[AllWheelDrift]

Why not just go for a TFSA with questrade and use ETFS? Less MER, a lot more options and the commissions are low. Just a thought.
5k isn't really enough to make ETFs worthwhile, even with questrade's low comissions, assuming you want to split your investments across perhaps 3 or more ETFs. I.e. the lower MER will be offset by the comissions.

[Code of Conduct]

5k isn't really enough to make ETFs worthwhile, even with questrade's low comissions, assuming you want to split your investments across perhaps 3 or more ETFs. I.e. the lower MER will be offset by the comissions.

Exactly my rationale. I looked into QT and percent differential between MERs of ETFs and E-series funds (~0.2%) was just not worth it.

Sorry to take this threat in another direction but does anyone know if the income from e-series funds flows back to you in their original state (e.g. dividends to the fund are taxed in your hands as dividends, etc.)?

[cloudycanada]

Exactly my rationale. I looked into QT and percent differential between MERs of ETFs and E-series funds (~0.2%) was just not worth it.

Sorry to take this threat in another direction but does anyone know if the income from e-series funds flows back to you in their original state (e.g. dividends to the fund are taxed in your hands as dividends, etc.)?

Are you talking about e-series held in TFSA? If so ...no income flows to your TFSA since it's tax-free.

If you are talking about outside TFSA, then yes, income of the e-series fund maintains their source and flows to the holder of the fund unit.

[jiepie]

I can access the spreadsheet on the op but not the fixed version. But what about GICs?

i allowed the access, it was messed up by someone so no more.

today i tried to find more detail about fees. but unfortunately, these banks' websites dont provide much detail on fees. so if anyone know the fees, please post here. i will update the doc.

[hdancey]

Here are the fees for a TFSA account at BMO Investorline (bottom of 2nd page):

http://www.bmoinvestorline.com/Commissions/FeesBrochureTFSA.pdf

[tsatsa]

Thanks OP, was looking for info (fees) on this TFSA account.:)

[nightwalker]

just wondering...if there's any disadvantage to opening a TFSA account

I haven't done much research into it, just know that you can dispose $5,000 this year and get tax-free on the interest.

Thanks

[hymack]

eTrade should have more info up soon as well.
linky (https://www.canada.etrade.com/splash/TFSA.shtml)

[badkarma]

eTrade should have more info up soon as well.
linky (https://www.canada.etrade.com/splash/TFSA.shtml)

I just spoke with Etrade. No fees for withdrawal from TFSA trading account. Standard industry ~$125 fee for closing account and transferring out.

Outside of the TFSA stuff, I asked how I would transfer some stocks for example, $30G's worth from my bank. They said they have a transfer form to fill out and Etrade and bank sorts it out. And because of the larger transfer, Etrade would reimburse the transfer fees. So you could take advantage of the 100 free trades for 60 days by transferring in $25G's for new customers. Put some of it in a TFSA account, and electronic transfers to your bank are free. I'm not sure if the banks charge you for receiving electronically from Etrade though.

The trading fees are somewhat lower than my bank TD, TD is $30s unless you have a balance of 100G's then it's $10. At Etrade it's either 30trades/quarter or 50G's balance total of your accounts for $10trades. Regular <30trades, <50G's is $20. Oh and webroker won't be available for TFSA until mid-Feb, Etrade is available once there's a balance in it.

I'm seriously considering moving to Etrade, however I read some suggestions of Questrade which I have still to look into. Other uggestions please.

[ghostryder]

Here are the fees for a TFSA account at BMO Investorline (bottom of 2nd page):

http://www.bmoinvestorline.com/Commissions/FeesBrochureTFSA.pdf

From BMO link:

Annual Administration Fee...……………………… $50.00
• No fee when your total assets with BMO InvestorLine
equal $100,000 or more.
• Fee is waived until December 31 in the year when account
is opened. (No fee charged for accounts opened during 2008 fast-track).
Withdrawal.............................……………………… $25.00
Transfer out - full account ...……………………… $135.00
- partial account……………………… $50.00
Swaps......................................………………… …… $45.00



RBC Direct looks a bit better

http://www.rbcdirectinvesting.com/RBC:SWfnYY71JscAiIBYIL0/tax-free-savings-account.html

NO annual administration fee
NO minimum balance requirements
NO withdrawal fee

[Fife]

Here is the RBC Directing info (http://www.rbcdirectinvesting.com/RBC:SXKdp6wWAA4AGyBypMg/tax-free-savings-account.html).

Key benefits of an RBC Direct Investing TFSA

* NO annual administration fee
* NO minimum balance requirements
* NO withdrawal fee
* Low commissions with trades starting from $6.95 to $9.95 flat
* You can create a diversified portfolio with access to a broad selection of investments including: stocks, bonds, GICs, and over 2500 mutual funds.
* Access to innovative tools and the latest research to help you make confident investment decisions.

[professionaldude]

what??? Am I reading it rite? Termination fee with TD $125. I am calling TD and will see if it's true. :mad:

[tsatsa]

I can't seem to find the fees for TFSA on TD Canada Trust's web site (not TD-W/H). Anybody know?

[shneebs]

Here is the RBC Directing info (http://www.rbcdirectinvesting.com/RBC:SXKdp6wWAA4AGyBypMg/tax-free-savings-account.html).

Key benefits of an RBC Direct Investing TFSA

* Low commissions with trades starting from $6.95 to $9.95 flat
I thought this sounded too good to be true. Unless I'm reading this wrong, You only get $9.95/trade if: a) you make 30 or more trades per quarter, or b) your overall account value is over $100,000!! You don't hit $6.95/trade until you make 150+ trades/quarter!!! I think it's a bit deceptive to list these fees on their main TFSA page when most people are only starting with $5000 and will only be making a bare minimum of trades - which puts you at $28.95/trade. Probably the only exception to this is anyone who already has RBC accounts with a combined value of more than $100k...

Link: http://www.rbcdirectinvesting.com/RBC:SXKdp6wWAA4AGyBypMg/lowtrades/index.html

Now, despite all my ranting, I have it even worse as a CIBC customer - they currently don't even offer TFSA stock trading accounts!!! I just wrote them to register my disgust. I'm now shopping around for somewhere to spend my $5,000... Haven't completed my "survey", but Questrade is looking pretty good so far...

Shneebs.

[timtfsa]

We've updated our chart to reflect what all the banks and other financial companies are charging for fees, withdrawals etc. We also have a chart on the incentives they are offering...thanks Diana!

TFSA fees and incentive (http://www.taxfreesavingscanada.ca/fees.main.html)s

Also thanks to Larry Macdonald from Business Week Online for hurrying us along. If anyone has anything to add please let me know and we will post it.

- Tim

[tsatsa]

We've updated our chart to reflect what all the banks and other financial companies are charging for fees, withdrawals etc. We also have a chart on the incentives they are offering...thanks Diana!

TFSA fees and incentive (http://www.taxfreesavingscanada.ca/fees.main.html)s

Also thanks to Larry Macdonald from Business Week Online for hurrying us along. If anyone has anything to add please let me know and we will post it.

- Tim

Thank you very very much.

[shneebs]

If you're looking to trade stocks in your TFSA, from my research, Questrade sounds like the cheapest by far... No fees to set the account up (with minimum $1,000 initial deposit), and most trades at only $4.95/trade. The best part that I can see compared to all the other stock trading TFSA options is that there are no fees to transfer your money back out of the account! I asked some questions about this in an online chat with one of their agents - I'll attach the transcript below...

As an added bonus to all this, you should be able to get $50 worth of free trades by signing up via the link & instructions on the "Million Dollar Jouney" webpage... link:http://www.milliondollarjourney.com/questrade-review.htm (although I'm not 100% sure if this applies to TFSA accounts). Million Dollar Journey also has their own comparison of fees which is somehwat general, but includes TFSA info: http://www.milliondollarjourney.com/review-canadian-discount-brokerages.htm

About the biggest downside I see so far is that there are a fair number of complaints about these guys, but I figure it's worth a try with the potential of absolutely no fees! (assuming $50 worth of free trading fees applies)

EDIT: After re-reading the comments by readers of the Million Dollar Journey webpage, re: the $50 worth of free trading, it looks like you need to accumulate $100 worth of trading fees in the first three months in order for qualify for $50 worth of free trading fees, so for TFSA's, it's not very likely that you'll spend this much in commissions...

Questrade TFSA page here: http://www.questrade.com/trading/tax_free.aspx

Transcript of my chat with their rep:
Krishna: Hello, thank you for contacting Questrade. How can I help you?

Shneebs: Hi, I'm shopping around for a TFS Account... trying to understand your fees...

Shneebs: When I want to make a withdrawal, there are no transfer fees for under $25,000 transfers?

Krishna: that's correct

Shneebs: My main question is if I deposit $5,000 into my TFSA, grow it to $6,000 (or some other number), what happens if I want all of my funds, but do not want to close the account? Is there a penalty for taking all the funds out of the account?

Shneebs: (or do I have to maintain a minimum balance?)

Krishna: no penalty but your account will be closed unless you maintain $250 minimum

Shneebs: Ok, so if you close out the account is there a fee for that?

Krishna: • Close an account FREE

Shneebs: ok cool - so if I take all my funds and then want to put some more back in in a months' time (etc...) that would just mean that I'd have to re-open a new account? (since you'd close out my account if I withdrew all the funds?)

Krishna: yes

Shneebs: sounds good. Thanks for your help.

Krishna: yw

Krishna: bye


Hope this info helps.

Shneebs.

[Yumeji]

Question: If setting up a TFSA for my low-return mutual funds at ScotiaMcLeod will cost me $50/annually, would I be better off opening a TFSA at my bank (no fees) for my savings account, or a TFSA for my mutual funds?

[tsatsa]

Question: If setting up a TFSA for my low-return mutual funds at ScotiaMcLeod will cost me $50/annually, would I be better off opening a TFSA at my bank (no fees) for my savings account, or a TFSA for my mutual funds?

Yes.

[mork]

I'm seriously considering moving to Etrade, however I read some suggestions of Questrade which I have still to look into. Other uggestions please.

I think I am going to pull the trigger today and send in my form for an etrade account. I already have an account with them, so opening the TSFA there is convenient.

I've never had problems with etrade, but I don't find their website overly impressive or friendly so I considered a change to Questrade as well. Some research shows lots of people complaining about unacceptable technical problems and poor customer service with questrade.. not that there aren't people who have their complaints about etrade either.. but based on what I've read i am going to stay with etrade I think.

[Bullseye]

Looks like TD now has WebBroker access for their TFSA's, as of yesterday. If you have one, log in and you'll see the message.

[ShopSmart]

We've updated our chart to reflect what all the banks and other financial companies are charging for fees, withdrawals etc. We also have a chart on the incentives they are offering...thanks Diana!

TFSA fees and incentive (http://www.taxfreesavingscanada.ca/fees.main.html)s

Also thanks to Larry Macdonald from Business Week Online for hurrying us along. If anyone has anything to add please let me know and we will post it.

- Tim

hi Tim,

I don't see Transfer fees or account termination fees on this chart. These are pretty important for people.

Although it would make sense just to withdraw everything rather than do it as a transfer but I wonder if there will be a fee to keep an account open with 0 balance.

Thanks.

[BTron]

Looks like TD now has WebBroker access for their TFSA's, as of yesterday. If you have one, log in and you'll see the message.

Yeah I saw that too, but I think you can only transfer money into it, trading won't be enabled until Feb 2nd. Or am I wrong on that and it's all systems go?

[rfdrfd]

(I posted this on the other Questrade thread, but probably belongs here more):

http://boards.fool.com/Message.asp?mid=27441422&sort=postdate


What do you think?

[rfdrfd]

Question: If setting up a TFSA for my low-return mutual funds at ScotiaMcLeod will cost me $50/annually, would I be better off opening a TFSA at my bank (no fees) for my savings account, or a TFSA for my mutual funds?

Need to elaborate on what you are asking. If you are asking should you put your mutual funds into an account that doesn't charge fees vs. one that does? Then of course.

If you are asking what to hold inside your TFSA ? Then it depends. TFSA allows you to not pay tax on any profits. So one should think of the tax implications of each type of investment.

Interests from GIC - 100% is taxed
Mutual funds - less than 100% (i believe somewhere near 45%??) is taxed
Dividends from funds - less taxed
Stock gains - only 50% is taxed


Outside TFSA, if you sold a stock/fund and gained $10,000 bucks. 50% of that would be income and taxed. However, if you also sold a stock and lost $10,000 bucks, then your net profit = $ 0.00 = nothing to get taxed on.

Inside TFSA, you can't do that. Meaning, if you lost money on a fund/stock, you can't put it towards offsetting your gains for tax reduction. Because nothing inside TFSA is taxed.

So to get the best bang for your TFSA buck, one should buy things that will generate the most tax implications (if it was outside TFSA).

[jobby]

Where is ICICI