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Outlook Financial TFSA Interest Rate Drop
Looks like this financial institution has recently had a significant drop in its interest rate. Outlook Financial originally had a pretty high 2.8% offering and as you can see here that has dropped to 2.25%. That’s a loss of 0.55%. This is the first credit union I have seen where the interest rate has taken…
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Scotiabank Fast TFSA Interest Rate Drop
If you ever wanted an example of a very fast interest rate drop and how they can change at anytime, I guess Scotiabank is a good example of that. It has been a little over a week since I posted about its initial interest rate increase from 1.75% to 2.6%. Just today, I was told…
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That $5000 Bank Thing
Well this was kind of funny. I was talking to a person today about a tax free savings account and at first he had no idea what it was. I started explaining a bit about how it is kind of like an RRSP that worked a little differently as you can earn interest and not…
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RBC TFSA Interest Rate
Alright, so it looks like the interest rate for RBC’s tax free savings account is 2.5% as you can see here: I guess the range is mid-rate and although they say they don’t charge any “withdrawal” or “annual administration fees” like shown here: I’m not sure at this point if they have a “transfer fee”…
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Tax Free Savings Account Launch
So today is the launch date for TSFA accounts. The official TFSA site at http://www.tfsa.gc.ca/ was also updated. I thought this blurb of words used in a graphics on its page was interesting as you can see here: “Accumulate, Access, Tax-Free Earnings, Tax-Free Withdrawals, Savings, Flexible, Stability”. I guess that is pretty much the entire…
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Termination And Bank Transfer Fees For Your TFSA Account
There is an important point about choosing the bank that you are most comfortable with in opening your new tax free savings account which I heard about today. Generally speaking, like most people I am looking for a bank that will provide the best interest rate and other factors to make sure that I am…
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TFSA Excess Contribution Interest Penalty
One point I was just reading about the tax free savings account coming here in Canada is the possibility of getting penalized if you place too much funds into your account. Essentially, if your limit is $5000 annually contributing $5001 into a TSFA account will mean that $1 will be subject to an interest penalty.…