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Forum posts for Canadian Banks and TFSAs

Posted by Nerhael on Jun 30, 2009
I'm with TD, they have offer a self directed TFSA. I believe it's 30 bucks per stock trade. A bit higher than some, but not a ball breaker.

Posted by phduffy on Jun 30, 2009

Is that the only fee I pay? ie, I don't have to pay $100 to set up the account or anything?

Posted by Nerhael on Jun 30, 2009
I don't recall having to pay for anything. I haven't used it yet, but yeah, pretty sure it's free to setup.

Posted by Nerhael on Jun 30, 2009
Oh, and assuming TFSA commission is the same as my SD-RRSP, it's 29 bucks a trade.

Posted by mike on Jul 06, 2009
The only reason I haven't started a TSFA yet is the withdrawal fees. I haven't looked too hard into this, but it seems like the witdrawal fees are so high with these things that it would negate about 2 years worth of the tax incentive.

I think Royal Bank offers a TFSA through their direct investment arm. I deal with them for trading, but like I said the withdrawal fees scare me.

Let us know what you find out... I am too lazy to look into this until my limit is well past $5000.


Posted by Nerhael on Jul 06, 2009
Eh?

I'll have to double check, but I don't think TD had any withdrawal fees. They just limited you to 2 withdrawals a month.

Posted by phduffy on Jul 27, 2009

Okay, so I opened a TFSA at TD. No fees (other than trading fees). It was easy and they were helpful. So helpful that I was thinking about transferring all my banking to them.

Posted by Nerhael on Jul 29, 2009
Ah nice, glad it worked out for you then.