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Canadians | ING Direct Accounts - I will donate $20 to DGN for every signup

Brades

Brades

Bailer
Staff member
If you don't already have a Tax Free Savings Account I recommend you open one. For every person that opens any type of account with an initial balance of at least $100 at www.INGDirect.ca I will donate $20.00 to DGN.

You will also receive $50.00 from INGDirect for opening an account. You can open any account it doesn't have to be a TFSA.


YOU MUST USE THE ORANGE KEY 35908394S1 WHEN YOU SIGN UP


Disclosure: I get $50 if you sign up :p well $50-$20 = $30
 
DrUgZ

DrUgZ

TD Admin
TFSA's are awesome! hopefully they are around a long time! I already have one but if some of you don't I suggest you dump any extra cash in there before the tax man takes it! 5 g's a year is the maximum. but I believe that if you haven't started one yet you can put in 5 grand for the 3 years that it has been going on for, so 15 grand to start, then 5 grand every year after.
 
Brades

Brades

Bailer
Staff member
Their Interest rates suck now. You are actually losing money if you "save" money since inflation is higher than the interest rate. I don't even know why I recommended opening a tfsa. Open an ING account, get the $50 and BAIL. Buy physical gold and silver.

silver-maple-leaf-coin.jpg
 
47

47

TD Admin, Chicken Licker, Top Shelf Sleeper
necessities of life in order: water, food, ammo
 
OG buckshot jr

OG buckshot jr

TD Admin
I'm not buying shit. As long as you can find someone else to fuck over, you'll be ok in life. Fuck all the stress of gold, silver, paper, ammo etc.
 
$alvador

$alvador

TD Member
I went to my banker to try and open a TFSA and she tried talking me into an RRSP so I was like yeah ok "i'll think about it" and bailed. Why the fuck do they have big billboards all around the banks and even ads on the internet promoting TFSA when I go into the bank for real and they try and talk me out of it WTF!!!! Anyway, TFSA turns out to not be so great when you're actually planning to use it for investments.
 
TurboTaco

TurboTaco

TD Admin
whatdya mean? You can register your stock or investments portfolio up to $5000/yr under a TFSA and any gains from them are non-taxable. You can theoretically double your money (if u were lucky enough with stocks) through a TFSA and you walk away with $10k without the fed or provincial govt takin a tax from you. Hell even if you just put $5k/yr into a high interest (laff) savings account from the age of 18, you would be hella happy when ur 65. RRSP can be taxed, TFSA can't
 
$alvador

$alvador

TD Member
with most banks if you open up a TFSA they're gonna push you into mutual funds or GICs, neither of which will actually double your money. if you want to open a self-directed TFSA which is ultimately the best then any financial institution is going to start taxing your ass with fees. ultimately, this account type has just become another tool for banks to get rich off you much like RRSPs. the most feasible way to double a 5G investment is through FOREX and surprise surprise you can't register a TFSA for that.
 
Fork Included

Fork Included

TD Admin
RRSP's are taxed, sure, but they DEFER taxation

by adding to your RRSP fund, you are lowering your tax bracket for THIS year, then, 40 years later, when you start taking out your RRSP's, they are taxed, but they are taxed less because your income THEN will be lower than NOW (or non existent)

it's a tool to defer paying tax

TFSA is a tool to avoid tax on capital investment income altogether, but it's only useful to you if you have that spare cash to begin with, and it would have been already taxed, so you're not gaining anything.

A TFSA is for you if you have 10 grand in your account AFTER you have filed your taxes, since it's now completely your money. But if you have spare money available before your taxes are due, then it's better to put it in RRSP
 
Glocky

Glocky

Drinking your tears
Fork Included said:
RRSP's are taxed, sure, but they DEFER taxation

by adding to your RRSP fund, you are lowering your tax bracket for THIS year, then, 40 years later, when you start taking out your RRSP's, they are taxed, but they are taxed less because your income THEN will be lower than NOW (or non existent)

it's a tool to defer paying tax

TFSA is a tool to avoid tax on capital investment income altogether, but it's only useful to you if you have that spare cash to begin with, and it would have been already taxed, so you're not gaining anything.

A TFSA is for you if you have 10 grand in your account AFTER you have filed your taxes, since it's now completely your money. But if you have spare money available before your taxes are due, then it's better to put it in RRSP
Click to expand...

+1 (and if you knew which government Agency I work for, that would read as +100)
 
dead mike

dead mike

TD Member, Legend, Puncher of Faces, Chatbox King
the thing about rrsp is that money gets tied up, tfsa in a savings account, 24 hours usually and that money can be in your pocket without any penalties.
 
Fork Included

Fork Included

TD Admin
the only penalty on taking out RRSPs early is that they will be taxed as if they were part of your income now, so you're not really losing anything if you are a law abiding tax payer.

lets say you make 50k a year, and right now you have 10K spare, if you put it into a TFSA you'll still pay tax on it come Feb because you will have to claim your full 50K income

if you put it into an RRSP then you only have to claim 40K

(although i might be wrong on the amount, there is a limit to how much you can add, i think its 5k?)

TFSA are only usefull to you if you have a stash of funds that you already paid taxes on and you just want to BETTER USE YOUR MONEY and avoid payin taxes on CAPITAL GAINS
this is entirely different from what RRSPs allow you to do.
 
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