Phantasmix Stock Market Blog

R1 $82.32
S1 $81.10
R2 $83.04
S2 $80.60

Click to enlarge

I opened up a TFSA with Questrade as soon as it became available.

This account must be in the individual’s name. If you’re transferring funds from a joint bank account, Questrade may ask for proof that you are, in fact, one of the account holders of this joint account (I ran into that issue). A simple screenshot of your bank e-statement is enough proof.

I started with the minimum CAD $1,000 and after thinking about it for some time, decided to make it my challenge for the year – turn $1,000 into $5,000, without additional deposits. No restrictions on the method, except no direct shorting or selling naked options (it’s not a margin account).

In the top menu on the site, there’s a new button, TFSA $5K. On that page I’m going to post all the trades I make in TFSA.

Quick backgrounder on this new account type –

TFSA (Tax-Free Savings Account) advantages:

• Invest up to $5,000 each year and every year
• Accumulate faster by never paying tax on your investment income, interest, dividends and capital gains
• Withdraw funds any time and for any purpose without paying any taxes
• All income earned — dividends, interest, capital gains – grows tax free

Questrade’s trading services in TFSA:

• No annual fees, no inactivity fees, and a low account-opening minimum of CAD $1000
• Low commissions on stock trades: 1¢ per share, minimum $4.95 / maximum $9.95
• Hold and trade U.S. dollars and pay no forced currency conversion fees
• Trade gold bullion
• Get $50 in free trades when you open a new account (must open account from the link above)

Hard work spotlights the character of people: Some turn up their sleeves, some turn up their noses, and some don’t turn up at all.

Sam Ewing, American journalist and humorist