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 Â take it and put it in whatever makes them enough money (maybe not, but that is my vision of what happens).