Posted by Tim Stobbs on March 26, 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?