Seriously, I have friends ask me that exact question, with little or no context to explain much else. What do they mean by this? I thought maybe you knew, because I usually answer with my fatherly response of, “Well that’s good, you should be proud”. The question, “How do I a DO an RRSP?” or “How do I DO a TFSA?” appears in my inbox many times, and I am really not sure how to answer, without sounding rude or nasty (I do specialize in that, I know).
out that you can actually do more than put money into a TFSA “Savings Account” (which is a bank account inside of a TFSA vehicle) or buy the Bank’s own High MER Mutual Funds for your RRSP, but I suppose I should be celebrating the fact that folks are at least trying to save? Nah, I think I’d rather stand outside a bank with a Sandwich Sign saying:
The End is Near and it has an MER of 3.2%!
and on the back
1.2% Interest on a TFSA Savings Account is not a good thing!
A little drastic, and given how cold it is in Canada in February maybe not very good for my health, but the number of folks I know paying these fees is quite alarming (to me).
I think my concern is that people seem to spend more time daydreaming about what car they want to buy, some day, yet they will walk into a bank, hand a stranger $2000 and say, “Do something with it!”, and the bank person will gladly take it and put it in whatever makes them enough money (maybe not, but that is my vision of what happens).