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)