Comments on: Max Out Your TFSA With High Interest Rate https://lostintheleafcity.com/max-out-your-tfsa-with-high-interest-rate/ Tips for newcomers and immigrants in Canada Sun, 25 Oct 2020 09:20:33 +0000 hourly 1 https://wordpress.org/?v=6.8.2 By: admin https://lostintheleafcity.com/max-out-your-tfsa-with-high-interest-rate/#comment-16 Tue, 18 Mar 2014 18:15:48 +0000 http://lostintheleafcity.com/?p=856#comment-16 In reply to Corinna.

Thanks Corinna for pointing it out (bonus rate is only for new balances).

When it comes to interest rates, it is best to compare different Canadian bank rates. I’ve written “The Long (And Tricky) Search Of Canadian Bank Rates” as a result of writing the post about TFSA. While the interest rate in TFSA is quite low, a person can use it to invest while not paying tax with investment gain.

I appreciate your time and ideas. I’ll look forward to more of your tips in the future. Thanks for dropping by.

]]> By: Corinna https://lostintheleafcity.com/max-out-your-tfsa-with-high-interest-rate/#comment-15 Thu, 13 Mar 2014 22:37:37 +0000 http://lostintheleafcity.com/?p=856#comment-15 Hey, forgot to point out that the bonus rate (used to lure you in) is only for new balances and that a time limit usually applies (something like 2 weeks which is laughable) then it’s back to the base rate. Which by the way, is different for accounts eligible for TFSA than for regular high interest accounts. Why is that? Hmmmm, could it be that what you’re saving in taxes on interest income that would normally go to the government, you’re losing to the bank instead, by getting a lower interest rate. I mean really, why would the interest rate for a TFSA eligible account be lower than for a non TFSA eligible account when they are both supposedly “high interest” . What exactly is the benefit here?

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