One Goal Down in 2009

So recently with a click of the mouse I finished funding my TFSA for the year (ok, I might be short a few pennies, but I’m not worrying).  So I’m doing a little happy dance in my head right now.

Now over all this is a relatively minor goal to achieve, so why am I noting it?  Because I personally feel celebrating even a minor goal a little bit helps you focus on your remaining ones.  Not to mention this account is really going to save me some tax.

So far I’ve loaded up my TFSA with all my previous distribution producing stocks and added a new position.  So in total the account is spinning off about $57/month or $690/year.  Therefore my estimated tax savings is about $240/year.  Have I mentioned lately how much I like these accounts?  I really do like them.

Not to mention doing this has got me comfortable enough with the entire Questrade system that I can help my wife now setup her TFSA and transfer her distribution producing stock.  Once that is complete (likely sometime in the next month), the total tax savings will double to about $480/year between both of us.

So for all of you who have opened a TFSA, what do you think of it? Do you like it or really don’t care?

7 thoughts on “One Goal Down in 2009”

  1. Mine’s in a high interest rate savings account. I’m not planning a stock strategy in it until the market recovers a bit more, plus I might need it in case I lose my job in this economy.

    Right now it is just another place to stick some non reg assets to me. I will consider this more significant once it’s around the $15 – $20 K mark.

  2. I did open a TFSA at my broker,but i haven’t decided what to put in it yet.
    I think it will be something new because
    i don’t think it makes sense to put one of my dividend payer it there.
    Perhaps bonds or an income trust maybe suitable.

  3. My TFSA is in not-so-high interest savings account as well. I use it as my emergency fund. I mgith want to put the money into stock market until it gets more than $10,000 to $15,000

  4. I opened a quest trade TFSA as well. I’ve been doing some buying and selling here and there. I’ve deposited $2250 so far, and it’s worth just over $3000.

    I thought I had a long term stock that paid great dividends (pwt.un on the TSX) but they cut their dividend today/yesterday forcing me to sell them. Still got a huge return on them tho 🙂

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