In regards to TFSA, I am not happy with the funds left in the institution I am with right now. Can I open a new account at another location and move the current funds into the future location (like a rollover)?
Or is my only option is to withdraw now, wait for the next year (new contributory period) and invest at the new location?
Thanks.
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Dimple2001
Quote:You can do a TFSA-to-TFSA transfer, just like an RRSP-to-RRSP transfer.
Originally posted by dimple2001
In regards to TFSA, I am not happy with the funds left in the institution I am with right now. Can I open a new account at another location and move the current funds into the future location (like a rollover)?
Or is my only option is to withdraw now, wait for the next year (new contributory period) and invest at the new location?
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Quote:
Originally posted by pratickm
Quote:You can do a TFSA-to-TFSA transfer, just like an RRSP-to-RRSP transfer.
Originally posted by dimple2001
In regards to TFSA, I am not happy with the funds left in the institution I am with right now. Can I open a new account at another location and move the current funds into the future location (like a rollover)?
Or is my only option is to withdraw now, wait for the next year (new contributory period) and invest at the new location?
The transfer can be in cash or in kind, depending on what you hold.
Most likely, there'll be a transfer out fee charged by the relinquishing institution, usually between $25 - $50 but some full service brokerages may charge upto $100.
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Dimple2001
Quote:Yes, they should.
Originally posted by dimple2001
Thanks patrickm. I assume the receiving firm would have the necessary forms for the transfer.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Quote:
Originally posted by pratickm
Quote:Yes, they should.
Originally posted by dimple2001
Thanks patrickm. I assume the receiving firm would have the necessary forms for the transfer.
In most cases, it's the same or very similar form as the RRSP transfer.
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Dimple2001
Quote:
Originally posted by pratickm
Yeah, these days a 10% annualized return can be considered awesome.
Quote:So that formula is assuming that B and C were done on 1st Jan.
Out of pocket money invested $B, re-invested earnings - $C, Market Value - $A
(A -(B+C) ) / (B+C). I would call it return on cost basis. Right now, this return is negative 1%.
To get the true annualized return, you need to factor in the date of investment.
To get the value on calculation date, you have to do:
=Amount of contribution or distribution * (1+Rate of Return)^(Number of Days from Investment till today / 365)
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Dimple2001
Quote:Cool, that's not bad at all esp. if it's for a period of 5 years or more.
Originally posted by dimple2001
Based on that, the annualized returns on investments I have had for several years are in the range of 3.5% to 6%.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
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