I’m not sure how I missed this before, but Scotiabank is holding a contest where everyday it is giving away $5000 through random draws. You can enter the contest at this page https://5000aday.scotiabank.com/
From what I see you don’t have to have a TFSA account with them initially to enter the contest. As well, the terms seem to indicate that they simply cut you a cheque payable to your name. So in that sense I guess you could use it for anything and not necessarily just for a TFSA account. I personally never won that much money before, but I suppose since they are choosing a winner everyday it doesn’t hurt to try and I got the following e-mail afterwards:
“Thank you for entering the $5,000-a-day TFSA Give-away. Your entry has been successfully submitted and your name entered into the draw.
Whether you’re just starting a savings plan, have taxable investments or are retired, there’s something for everyone with a Tax Free Savings Account. You can:
– Contribute up to $5,000 each year starting January 2009.
– Choose from a range of investments like mutual funds, savings accounts, and GICs.
– Withdraw from your TFSA at any time, for any reason and all withdrawals are tax-free.
All income (interest, dividends and capital gains) earned in your Scotia TFSA is tax-free for life.
Learn more about how a Tax Free Savings Account can work for you, and open yours today!”