Tax Free Savings Account (TFSA) Investing CIBC

Question for my fellow canadians,can you trade forex in a tfsa to avoid paying income tax??

submitted by james23765 to Forex [link] [comments]

Trading Forex/Indices with Offshore broker using TFSA account?

I’m pretty new to this TFSA account thing.
I use an offshore broker (AvaTrade) to passively trade S&P500 (mostly) and Forex (sometimes) and make some decent returns.
My question is: If I grow my money using such an offshore broker, do these returns still qualify for TFSA? Are there any restrictions on a TFSA account that only certain/some type of investments qualify for the tax shelter?
submitted by jasdeep13 to PersonalFinanceCanada [link] [comments]

TFSA as forex trading Canada

Hello,
I search before but nobody seems to post about it. Do you know any good and trusty broker who allow deposit in TFSA account? I was really intor oanda but they dont allow it.
Thanks,
submitted by Flxz to Forex [link] [comments]

Questrade buying Us Stocks in TFSA cad funds

I know I have to convert my funds to USD before purchasing stock through my margin account, but does it make a difference with my TFSA?
Barring the use of Norberts gambit, does it make sense to convert CAD to USA before buying us stock (through TFSA) or should I just buy with CAD funds and let Questrade auto convert? Thanks
submitted by throwayleonard to PersonalFinanceCanada [link] [comments]

Wealthsimple Trade vs TD Direct Investing for Dividend-Paying Stocks on TSX

New to investing, currently have $5k in TDDI but looking to buy some stocks traded on TSX this upcoming week (BCE and T) for the dividend. I'm 22 years old and was looking to put $12.5k in BCE and $10k in T (my contribution limit is $28.5k) then once they issue the dividend, I will sell $7.5k in BCE and $5k in T ($5k remaining in both T and BCE), in which then I hope to invest into ENB at the end of Sept.
I'm wondering since these are 5 trades, it'd cost be about $50 with TDDI and $0 (I think?) with WST. Therefore, going forward I would just purchase stock traded at the TSX in my WST TFSA and stocks traded at the NYSE in my TDDI to avoid the WST forex fees.
Are there any flaws with my plans or something I have misunderstood?
submitted by Razardo to CanadianInvestor [link] [comments]

Switching institutions and investment strategies

I'm looking to get a little more tuned into investing. For the past several years I've been doing the Canadian Couch Potato strategy of e-series index funds with TD in both my RRSP and TFSA. Each of those accounts has about $30k in it, and I also have a LIRA with about $20k that is invested the same way. I recently moved my TFSA to Tangerine and put it in a savings account (partly to take advantage of a high-interest offer they had, but mostly because I'm planning on purchasing a detached home in the very near future and wanted to keep that money in cash). I already used $25k of my RRSP a few years ago for part of the downpayment on my current home, so the $30k I have in there now is really only going to be used for retirement. I also plan on making larger contributions to the RRSP going forward once I buy my next home (I've been skimping on my annual contributions recently to save for my next downpayment). Basically, that RRSP is going to get bigger (well...hopefully) and I will probably not be withdrawing that money for 30+ years until I retire, so I have a high tolerance for risk with that account. The TFSA is going to be emptied for the new house, but I'll probably build it back up slowly with low-moderate risk e-series index fund or ETF.
Lately I've been thinking of taking the RRSP out of TD and moving it to Questrade to dabble in ETFs and stocks. I know stocks aren't very highly recommended here, so maybe I'm just being naive. I was thinking of doing something like keeping half the RRSP (~$15k) in a high growth ETF like XGRO, and then the other half (~$15k) in US stocks that I can play around with...mostly for fun, but I'd be lying if I said I didn't have a couple friends who did pretty well with Tesla and other similar stocks recently and their enthusiasm about it is a bit infectious. As I contribute to the RRSP, I'll probably aim to keep that mix of half going to the ETF and half to stocks. I plan to keep all the stocks within my RRSP to avoid the withholding tax on US dividends, and also use Norbert's Gambit to avoid the forex fee on that initial conversion of $15k CAD to USD.
Additional context: I'm 31, married (dual income), make about $120k myself (I'm only investing my own money), no debt apart from mortgage, no kids (but could happen in the next couple years).
Am I crazy to do this? Should I just stick to index funds and / or ETFs? Maybe I'm being overzealous with the amount I want to potentially gamble away with stocks?
submitted by Superunknown_88 to PersonalFinanceCanada [link] [comments]

Wealthsimple Trade vs. TD Direct Investing for Dividend-Paying Stocks

New to investing, currently have $5k in TDDI but looking to buy some stocks traded on TSX this upcoming week (BCE and T) for the dividend. I'm 22 years old and was looking to put $12.5k in BCE and $10k in T (my contribution limit is $28.5k) then once they issue the dividend, I will sell $7.5k in BCE and $5k in T ($5k remaining in both T and BCE), in which then I hope to invest into ENB at the end of Sept.
I'm wondering since these are 5 trades, it'd cost be about $50 with TDDI and $0 (I think?) with WST. Therefore, going forward I would just purchase stock traded at the TSX in my WST TFSA and stocks traded at the NYSE in my TDDI to avoid the WST forex fees.
Are there any flaws with my plans or something I have misunderstood?
submitted by Razardo to PersonalFinanceCanada [link] [comments]

Hi. Can you please suggest good investments/trading apps here in Canada? I’m a student, and I’d like to start investing. Thanks in advance!

submitted by queenzeus to investment [link] [comments]

Is Norbert's Gambit not worth it for small amounts? + a question on having separate usd and cad trading accounts

Update: this will vary day to day but Norbert's Gambit looks worth it for values above $1700. Forex will probably be greater than $20. Below that, forex might be <$20. But that's a moving target.
I'm looking at buying some US ETFs (SHE, SPYX) to get my toes wet with investing. I'm using RBC Direct Investing. I only have 2K at the moment to play with and to me, it looks like converting this to USD in RBC is better than doing Norbert's Gambit which will cost me $20 in fees ($10 to buy, $10 to sell). But everyone is telling me to do Norbert's Gambit when exchanging funds between the US and Canada. Am I missing something?
Also, some guides say to have both a USD and a CAD trading accounts but my current TFSA DI account can have both USD and CAD funds. Should I have dedicated accounts for US and CAD trading or is just the one dual currency account ok?
submitted by SecureNarwhal to CanadianInvestor [link] [comments]

QT Fail

UPDATE: Told WS what happened and they're going reimburse the forex fees. Thought that was a great gesture!
Just wanted to share my experience with Questrade.
Decided to move my Canadian stocks from my TFSA to WS trade. Started a transfer through WS which said could take up to 5 weeks. Wanted to transfer my USD to my bank account to avoid WS forex fees. Requested a fund transfer to my bank and was assured by two agents that the funds would arrive in 3 business days.
But of course they transferred the USD cash to WS, after I specifically stated for them not too. Funny thing I was I was going to reopen the TFSA and transfer the cash back in anyways. I currently have the rest of my portfolio with QT.
I’ve had so many issues with this broker it’s ridiculous. From trying to deny me free trade promo credits to their ineptitude in handling my transfer in requests. Their front end platform is great but they are destitute when it comes to service and support.
In the meantime I’ll be looking elsewhere to take my investments. The aggravation, time and effort spent dealing with them has been frustrating beyond comprehension. Seems to be all too common as others on this forum have had similar experiences...
submitted by Scrollin49 to CanadianInvestor [link] [comments]

Question about Questrade account types

Sorry if this is a stupid question as I'm still relatively new to investing. I'm using Wealthsimple for my TSX/Canadian stocks, and am in the process of joining Questrade for my U.S/International stocks. I have a question though regarding signing up - It asks to choose "Margin", "TFSA", "RSP", or "Forex". Do you have any recommendation on which one to choose? For Wealthsimple, I have a Personal and TFSA already. I already have an RSP at another bank, and 2 TFSAs. So not sure if there's a risk with signing up for another one? Also is 'Margin' similar to WS's "Personal" account?
submitted by thaman05 to PersonalFinanceCanada [link] [comments]

CIBC Inv’s Edge Q:

Amateur here. I bought 2 Boeings at a price a while ago. Today, it ended almost at the exact same price, and my book value vs today’s value shows -8%. Does it already take into account a deduction of $6.95 (brokerage) at both ends - when I bought it and if I potentially sell today? Or is it the forex conversion that’s killing me? (TFSA-CAD)
submitted by _hetfield_ to CanadianInvestor [link] [comments]

Do I need to report capital gain tax if I didn't withdraw the money from my Quest-trade account?

Hi all,
Newbie here so my apologies if this was asked before.
I traded forex and commodities in 2019 and had some gains. However, I kept the money in my Quest Trade account and never deposited it back into my personal bank account. The account that I have with Quest Trade is none - registered (NOT RRSP OR TFSA).
I'm doing my taxes today. Do I need to report that gain in my taxes now?

Thanks!
submitted by amirashakira to PersonalFinanceCanada [link] [comments]

Ready to invest first time. Please correct my plan/strategy.

I have almost finished reading Millionaire Teacher, and am ready to invest. Will keep funds in for at least 10-15 years. I need to figure out my risk tolerance. I'm approaching age 40, thinking of keeping 35% bonds. At this point, I need to have my account on a brokerage ready ASAP as I learnt that it could take a few days to set up. For now, I am looking to purchase ETFs regularly. I'm looking at putting $100 per month. Hopefully cash flow will be disciplined enough to continue without breaks.
Currently, I have the following:

Please help me understand the following:
  1. How much cheaper is Norbert's Gambit than using a ForEx company to do a conversion from CAD to USD? I've never done either. I have done USD to CAD before, which basically takes 2-3 business days for the draft from the ForEx company to clear.
  2. I am considering either Questrade, TD Direct Investing or Scotia iTrade. Based on the reviews Questrade seems to be the best option. Which one would you recommended for a beginner like me? (Would be great feedback if you have used Questrade and TD/iTrade.)
  3. I mostly bank with Scotia. My investments will be 50K+ to start. Should I be considering iTrade over the other two for convenience? Or will the fees not make sense in my case?
  4. Is Norbert's Gambit possible to do with Scotiabank?
  5. Say I select Questrade, what is the most efficient (time/cost) process to move forward? Is the below correct?
    1. Transfer TFSA from Meridian to TD.
    2. Do Norbert's Gambit to convert to USD
    3. Transfer USD TFSA to Questrade.
    4. Transfer RRSP to TD
    5. Do Norbert's Gambit to covert to USD
    6. Transfer USD RRSP to Questrade.
  6. What steps above will incur least fees? I understand Questrade covers upto $150 transfer fee? But if I transfer my registered accounts to TD for Norbert's Gambit first, those fees won't be covered?
  7. Lastly, I'm not very knowledgable on RESPs. I understand gov't matches some part of the contribution? We have two kids, ages 10 and 8. No RESP yet. Can investments be made in RESPs? Any tips on this would be very much appreciated.
Thanks in advance!
submitted by LiveWithinYourMeans to PersonalFinanceCanada [link] [comments]

Questrade doesn't have regular accounts? Must choose from fancy options: Margin, TFSA, RRSP, etc. Where is the regular account?

Options to open accounts are:
Where is the regular account? I want to buy ETFs. I don't want margin. I don't want any of those other fancy shmancy accounts.
submitted by spankydave to PersonalFinanceCanada [link] [comments]

23M living at home. Stressed.

This is the short watered down version. Just started university online after moving back with dad at 21. Was previously a HS dropout and alcoholic, who tried to off himself with pills and booze. Im adding this as a little backstory, so you can have an idea where i came from.
I am now a 23 year old online university student. I started in Sept 2019. I am also a forex trader, unbeknownst to my dad and grandparents. It pays for my limited expenses right now, but I love it and would obviously like to do after university.
So I'm experiencing some pressure. Ill explain a bit now and a bit after the paragraph below in an attempt to keep this rant neat and orderly. School online (im essentially teaching myself) is hard and stressful. I learn better when I can work through something alone. Im an autodidact. But that doesnt make it less stressful. Both my grandparents and my dad are adding pressure, essentially saying "you've fallen behind in life, so chop-chop. When i was your age i was married and had your dad, or i was working three jobs.", saying things like "when do you think you'll be done with school?" "What will you do after?" "When are you going to get married?". Ok. Part one of priviledged stress has been explained.
The only reason I went to university is because i found out my dad had about 11k set aside for my schooling, so i figured "well a finance degree would be helpful with my trading, and give me good job prospects should i need a good job alongside trading." He had this money in two RESPs (registered education savings plans). The first one I found out about had 1.4k in it. Helpful and I am grateful. It paid for my first and only course so far. The other amount of money i just found about is roughly 10k. My dad will not give it to me, however, because he wants to know EXACTLY what ill do with it. Its like he wants to know my exact movements before i get the money. He wants to give me just enough for a few courses, but he hopes he can keep some of it invested. Hes never been to university, and doesnt know how much it will cost. I dont know either. Each course varies depending on the amount of credits it offers, so its tough to gauge. Its more then 10k though.
I told him i would like to use most of it for school and put some into a TFSA (tax free savings account) and then invest through that, as I see fit. In truth i would. But I would also put some into my trading account (trading is my real specialty). I'd wager something like $1000 in TFSA, $1000 in my forex account, and the rest more less for school. But thats not good enough. He wants to know who i would be going through for the TFSA, who would manage it, what I would be looking to invest in, etc. In lamens terms, its like this money has chains attached (screw strings) and im being strangled.
And in case you were wondering, I don't want to tell them about me trading forex because it would just add more pressure, and the pressure may result in me making poor trading choices and losing money. Trading is already stressful as is, having impatient family members breathing down my may drive me to round 2 on the alcoholic train.
I dont have enough money to move out or pay for schooling. I only have about 500$ in the bank, no car, no drivers licence, and no friends. Ive literally put the majority of my money, time, and energy into trading and school and I love it. Ive become a total recluse as a result and have lost all my friends as well. Forex doesnt give me enough to support myself at the moment, so moving out again is a no-no. The money id add to it would certainly help.
Idk. Im just stupidly stressed and looking for some advice on my situation. This may not be the place, and I apologize..
submitted by tathrowaway56 to findapath [link] [comments]

What type of account for general trading.

Hey guys, I know you cannot trade daily in a TFSA. What type of account should I be using? I see robinhood has a 'cash' account but i dont see one on questrade. Only registered accounts, margin, and forex. What is everyone using? I dont want to trade over and over again all day but im looking to do 3-4 trades per week or every other week.
submitted by asticx to Questrade [link] [comments]

USD Bond ETF recommendations

I sold a bunch of US stocks in both my TFSA and RRSP and want to keep the proceeds in USD cause I want to rebuy US stocks in the future and don’t want to pay the forex exchange fees and so on.
In the mean time I’d like buy something safe like a USD bond ETF (or possibly a money market fund). Anyone got anything to recommend? Any gotchas I should be aware of?
submitted by duncanfoo to CanadianInvestor [link] [comments]

Does it make sense to contribute to my Employee Stock Purchase Program?

Like many companies, the firm I am working for offers an Employee Stock Purchase Program. Generally these seem like a good idea to participate in, given they offer a discount to the listed stock price and offer an automatic X% gain if you sell the day the stock is purchased. However, I'm not sure whether mine is actually worth it. The details are below:
What I am having trouble rationalizing is the following:
  1. Since the account is unregistered, any capital gain I realize on the sale (theoretically 10%) would be taxed at half my marginal rate (~30% so 15% effective rate), so I'm down 1.5% from my original 10% gain already.
  2. Even with no sale transaction fee, the funds are in USD so I would likely need to pay a 2.5% of FOREX fees to get my dollars into CAD.
  3. The stock is bought at the end of the quarter but contributions are bi-weekly. All that money is sitting doing nothing until the purchase date, while it could be at work in a TFSA or elsewhere. This doesn't seem optimal to me.
At the end of the day, I estimate that the 10% discount is realistically more like 6% once accounting for taxes and fees. That number also assumes that the stock price does not drop after the purchase date and before I can sell. Is my math correct?
I'd love to hear what others have to say about this scenario.
Thanks.
submitted by throwtightloops to PersonalFinanceCanada [link] [comments]

Pressure of life.

Hey, so.. I just had an argument with my dad. But before I get into the argument, I need some backstory. When I was 21 I was an alcoholic, suicidal, and working two jobs part time jobs and taking cash gigs on the side to pay for my booze. At the time I was a HS dropout. Out of some stroke of luck, I reconnected with my dad, who I hadn't seen in years. I asked if I could move back in with him, partly to reconnect, partly to get out of the toxic environment I was in (crazy roommates), and partly for the financial backing. It would give me a chance to get my life together.
So I move in, stopped drinking, and two years later I am a university student and forex trader (I make enough to pay for my limited expenses, so far, with the capital I have). The only reason I agreed to go to university was because my dad had 1/3 of the money I would need saved up specifically for my school in an RESP (Registered Education Savings Plan). Its about 11k. Keep in mind, university is online and I can pay course by course. Each course is roughly $900 depending on how many credits it's worth. To explain further, let me explain the pressure I'm feeling. No one in my immediate family (parents, grandparents) has gone to university, some haven't graduated HS. So they really don't know how much it costs and how time consuming/stressful it is, especially online because its heavily dependant on me "teaching" myself. I have no lectures to watch. I personally learn better that way, but that doesn't mean it somehow zaps the stress away. To add onto that, my dad and grandparents constantly say stuff like "you're already 23. When are you going to be done with school? (i started in September 2019, and only knew about 1400$ for my school in a different fund, so I only paid for 1 900$ course and have yet to see the remainder of that money.) What do you think you'll do for a career afterwards? What will this give you, in terms of skill/expertise?" And then the obvious, "when are you going to get married and have kids" talks that I reckon every child deals with. So that obviously all adds pressure, because it feels like they're rushing me and asking things I can't possibly know. Neither my grandparents or my dad know that I trade forex either. I haven't told them because that would just add more pressure, which may lead me to me making poor emotional decisions in the market, which could lose me money.
So the issue is this, besides the pressure. My dad doesn't feel totally comfortable giving me the money. He wants to keep most of it invested in the RESP or a TFSA (tax free savings account), and he wants to have his managers manage it. I told him that I thought that was grossly unfair, because he said it would still be "my money". If it's my money, I should decide what I want to do with it. But he's persistent in his questionings, "where would you put the money if I give it to you, and who would you have managing it?" Almost like he wants to know where, when, and what I would do with it before he gives me the money. I told him I would use it for school, and put some in a TFSA to invest "as I see fit". What I didn't tell him is I would also put some in my trading account to increase the capital in hopes of making more money for the future. Forex is my specialty, after all. My dream is to live off my trading, but I'm not against working after university.
I know how this sounds, me complaining about money when I have 11k pretty much given to me. But it feels like its not without its chains (fuck strings), and I feel like I have an ass ton of pressure on me, more then I did previously.
Any ideas on how to handle this would be greatly appreciated. I apologize if I've explained this poorly, I literally had the argument 20 minutes ago and am frazzled.
submitted by tathrowaway56 to Advice [link] [comments]

A little help with Questrade / Passiv

Hi All,
I recently signed up for Questrade and got the Passiv app. I moved over my RRSP from Wealthsimple as well as a small TFSA. I was making some amendments to get rid of the bonds and I was getting charged a $30 Foreign exchange fee. Fine, whatever I knew I'd have some fee's so I paid it and got my portfolio the way I liked it.
But then I realized I had a couple US stocks in my TFSA so switched them over to a Canadian variant to avoid Forex fees each time I buy stocks.
I went to do the same in my RRSP and when I went to make the switch Passiv is prompting me the Forex charge is going to be over $800. Any tips for how to avoid getting hit so hard on the foreign exchange?
submitted by Alzaraz to PersonalFinanceCanada [link] [comments]

Question about investing through a TFSA

Forgive me if this doesn't make sense, i'm still learning. I just opened a Questrade account and would like to start investing. My question is this: I already have a TFSA opened through a credit union. Do I have to transfer funds out of that TFSA and fund my questrade account? How does that whole thing work? I am trying to limit any and all fees before I actually pull the trigger. Thanks so much for your help!
submitted by JDarnz to PersonalFinanceCanada [link] [comments]

Which Type of Account Should You Open With Questrade - YouTube Investing Basics: Forex - YouTube Brandon Beavis Investing - YouTube How To Use Questrade For Beginners (FULL WALKTHROUGH ... Best Time Frame For Swing Trading Strategies - YouTube

A TFSA allows you to earn tax-free interest and investment income as you build your savings for the long, medium or short term. Unlike an RRSP, which is not meant to be accessed until your retirement, a TFSA allows you to withdraw your savings if the need arises, without paying tax. Plus, you can re-contribute the amount of your withdrawal the ... Stop using your TFSA to frequently trade stocks — the CRA may see it as taxable business income. Jamie Golombek: You may be surprised to learn that your trading activity could constitute a business, even if it’s done inside a tax-free savings account. Author of the article: The Tax-Free Savings Account (TFSA) is a versatile general-purpose investing account. Like RRSPs and RESPs, the TFSA is a registered account that provides tax-sheltered earnings within the account. An added benefit is that withdrawals from a TFSA are not subject to tax. This article summarizes the key features, rules and advantages to be aware of. The CRA was asked to provide an update on the result of these audits and whether it has any plans to educate the public on what the acceptable limits are on securities trading to prevent a TFSA account from being considered to be “carrying on a business” at the Society of Trust and Estate Practitioners’ annual conference in Toronto in June. If you’d like to trade FOREX in your TFSA, finding an ETF that matches what you’d like to trade in might be a work around. Reply. IGGY. June 1, 2019 5:36 am. Can I keep compound interest occur with balance together in TFSA from 1 year to next and so on in a same TFSA account? Reply.

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Which Type of Account Should You Open With Questrade - YouTube

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