Comments on: Canadians: TFSAs and RRSPs ..and how to make sense of it all http://www.fabulouslybroke.com/2010/02/canadians-tfsas-and-rrsps-and-how-to-make-sense-of-it-all/ Just a Girl trying to find a balance between being a Shopaholic and a Saver Sun, 12 Feb 2012 21:24:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Just stick a fork in me when I’m 50! Ish. « Fabulously Broke in the City http://www.fabulouslybroke.com/2010/02/canadians-tfsas-and-rrsps-and-how-to-make-sense-of-it-all/comment-page-1/#comment-39437 Just stick a fork in me when I’m 50! Ish. « Fabulously Broke in the City Wed, 03 Mar 2010 10:02:23 +0000 http://www.fabulouslybroke.com/?p=8031#comment-39437 [...] Canadians, read here about the difference between the two. [...] [...] Canadians, read here about the difference between the two. [...]

]]> By: FB @ FabulouslyBroke.com http://www.fabulouslybroke.com/2010/02/canadians-tfsas-and-rrsps-and-how-to-make-sense-of-it-all/comment-page-1/#comment-36604 FB @ FabulouslyBroke.com Sat, 06 Feb 2010 23:23:57 +0000 http://www.fabulouslybroke.com/?p=8031#comment-36604 TD charges the fee to purchase the mutual funds, but to clarify, what I meant was they don't charge you an account fee as well. I tried e-funds. They charged me $10/month for having the account open and under $25,000 even though they originally told me the threshold was $15,000. I switched everything over so I wouldn't have to pay the monthly fee just to have money. Plus, TD Mutual Funds has other funds like emerging markets that I can invest in.. that I did not see in the e-series. TD charges the fee to purchase the mutual funds, but to clarify, what I meant was they don’t charge you an account fee as well.

I tried e-funds. They charged me $10/month for having the account open and under $25,000 even though they originally told me the threshold was $15,000. I switched everything over so I wouldn’t have to pay the monthly fee just to have money.

Plus, TD Mutual Funds has other funds like emerging markets that I can invest in.. that I did not see in the e-series.

]]> By: E_Z http://www.fabulouslybroke.com/2010/02/canadians-tfsas-and-rrsps-and-how-to-make-sense-of-it-all/comment-page-1/#comment-36574 E_Z Sat, 06 Feb 2010 16:39:51 +0000 http://www.fabulouslybroke.com/?p=8031#comment-36574 You gotz me confused, hun... :S TD only charges MER when you buy a mutual fund? Huh? :S MER is an annual operating cost for the mutual fund, innit? Two words for you: TD e-funds. Not sure if you know about it, but look into it if not. It's not something the branches will advertise, for obvious reasons... You gotz me confused, hun… :S

TD only charges MER when you buy a mutual fund? Huh? :S MER is an annual operating cost for the mutual fund, innit?

Two words for you: TD e-funds. Not sure if you know about it, but look into it if not. It's not something the branches will advertise, for obvious reasons…

]]> By: FB @ FabulouslyBroke.com http://www.fabulouslybroke.com/2010/02/canadians-tfsas-and-rrsps-and-how-to-make-sense-of-it-all/comment-page-1/#comment-36564 FB @ FabulouslyBroke.com Sat, 06 Feb 2010 14:52:18 +0000 http://www.fabulouslybroke.com/?p=8031#comment-36564 Thanks for the tip! (And to everyone else who pointed that out) I was under the wrong impression about returning cash to the account. Re: Mutual fund fees -- I hear ya. I'm with TD Bank mutual funds and they only charge the MER when you buy the item, but no recurring fee after that.. Thanks for the tip!

(And to everyone else who pointed that out)

I was under the wrong impression about returning cash to the account.

Re: Mutual fund fees — I hear ya. I’m with TD Bank mutual funds and they only charge the MER when you buy the item, but no recurring fee after that..

]]> By: CanadianSaver http://www.fabulouslybroke.com/2010/02/canadians-tfsas-and-rrsps-and-how-to-make-sense-of-it-all/comment-page-1/#comment-36506 CanadianSaver Sat, 06 Feb 2010 05:09:48 +0000 http://www.fabulouslybroke.com/?p=8031#comment-36506 Just one correction, at least from what I've been told: if I were to withdraw the $10,000 I already have in my account tomorrow or any time in 2010, I can't fund it until January 2011... Just one correction, at least from what I've been told: if I were to withdraw the $10,000 I already have in my account tomorrow or any time in 2010, I can't fund it until January 2011…

]]> By: E_Z http://www.fabulouslybroke.com/2010/02/canadians-tfsas-and-rrsps-and-how-to-make-sense-of-it-all/comment-page-1/#comment-36535 E_Z Sat, 06 Feb 2010 05:03:17 +0000 http://www.fabulouslybroke.com/?p=8031#comment-36535 I recall hearing that piece about waiting the following year to return money into your TFSA from the bank I've got my current mutual funds in (RBC). Now there's something to talk about...mutual funds. I've been reading much about that lately, and really wanting to revamp how I've got everything setup. I've been wanting to post a note on this in Facebook world. We really are getting screwed over by fees... I recall hearing that piece about waiting the following year to return money into your TFSA from the bank I’ve got my current mutual funds in (RBC). Now there’s something to talk about…mutual funds. I’ve been reading much about that lately, and really wanting to revamp how I’ve got everything setup. I’ve been wanting to post a note on this in Facebook world. We really are getting screwed over by fees…

]]> By: E_Z http://www.fabulouslybroke.com/2010/02/canadians-tfsas-and-rrsps-and-how-to-make-sense-of-it-all/comment-page-1/#comment-36502 E_Z Sat, 06 Feb 2010 04:14:00 +0000 http://www.fabulouslybroke.com/?p=8031#comment-36502 Another thing to realize about RRSPs, which I just started to realize myself is that the advantage to RRSPs is not just that income/interest earned is tax-free until you take it out for retirement (and so allows for compounding interest), but also because the government returns the taxes you paid on your RRSP contributions, you can use that money to invest in, hence allowing your money to build even quicker today with money that still belongs to the government but needs to be returned to them later on in life. All those graphs a person sees about how quickly RRSP contributions can grow won't apply unless you re-invest your return. Another thing to realize about RRSPs, which I just started to realize myself is that the advantage to RRSPs is not just that income/interest earned is tax-free until you take it out for retirement (and so allows for compounding interest), but also because the government returns the taxes you paid on your RRSP contributions, you can use that money to invest in, hence allowing your money to build even quicker today with money that still belongs to the government but needs to be returned to them later on in life.

All those graphs a person sees about how quickly RRSP contributions can grow won't apply unless you re-invest your return.

]]> By: FB @ FabulouslyBroke.com http://www.fabulouslybroke.com/2010/02/canadians-tfsas-and-rrsps-and-how-to-make-sense-of-it-all/comment-page-1/#comment-36530 FB @ FabulouslyBroke.com Sat, 06 Feb 2010 03:40:12 +0000 http://www.fabulouslybroke.com/?p=8031#comment-36530 Canadian Saver mentioned that too (re: taking out the money and not putting it back in until Jan 2011) I'll have to ask if I ever decide to take the money out Canadian Saver mentioned that too (re: taking out the money and not putting it back in until Jan 2011)

I’ll have to ask if I ever decide to take the money out

]]> By: FB @ FabulouslyBroke.com http://www.fabulouslybroke.com/2010/02/canadians-tfsas-and-rrsps-and-how-to-make-sense-of-it-all/comment-page-1/#comment-36529 FB @ FabulouslyBroke.com Sat, 06 Feb 2010 03:39:28 +0000 http://www.fabulouslybroke.com/?p=8031#comment-36529 That's true! You have to really re-invest your returns or else you won't see the full benefit of RRSPs. Good point. That’s true!

You have to really re-invest your returns or else you won’t see the full benefit of RRSPs. Good point.

]]> By: FB @ FabulouslyBroke.com http://www.fabulouslybroke.com/2010/02/canadians-tfsas-and-rrsps-and-how-to-make-sense-of-it-all/comment-page-1/#comment-36528 FB @ FabulouslyBroke.com Sat, 06 Feb 2010 03:38:45 +0000 http://www.fabulouslybroke.com/?p=8031#comment-36528 Oh really? As I understood it, if you put in $10,000 in any of your accounts, and you withdraw them at any time, you can also put the money back into those accounts at any time you choose. The next week, 6 months later, or even 5 years later. The contribution room doesn't decrease or change. Kind of like a placeholder. Where did you get that info? Oh really? As I understood it, if you put in $10,000 in any of your accounts, and you withdraw them at any time, you can also put the money back into those accounts at any time you choose. The next week, 6 months later, or even 5 years later.

The contribution room doesn’t decrease or change. Kind of like a placeholder.

Where did you get that info?

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