Remember when the TFSA was shiny and new? No one knew whether it would catch on? That was 2009, today, the TFSA has surpassed the RRSP in terms of usage. Let us salute this horribly named investment program, the Tax Free Savings Account.
I got my official “welcome to your TFSA” paper letter on Friday from TD Waterhouse and it cleared up a few misconceptions that I had about my account (and my wife’s account). The letter was very cordial and such but it carried an important statement on it (and I quote):
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* Register for our paperless record keeping solution — TD Waterhouse eServices online trading confirmations, monthly statements , and tax documentsor when,
*Your total household assets (1) with TD Waterhouse Discount Brokerage equal $100,000 or more
(1) Household accounts are defined as those TD Waterhouse Discount Brokerage accounts for clients living in the same household with the same address. Your must advise TD Waterhouse Discount Brokerage of those multiple account relationships.
Interesting statement that you must take into consideration before you open your account with TD Direct Investing in specific or any other financial institution in general.
The paperless records keeping seems easy enough, but I always like getting paper copies of transactions just so I can get that tangible feedback from the system. Thanks to my LIRA I fall into the “you have a lot of money with us so do what you want” part of the statement.
So I have a no fee TFSA? Not positive, I will be phoning TD Waterhouse on Monday just to confirm that one.