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Email this2:40 am
Ally Canada is offering up to $50.00 to offset any fees charged by other Financial Institutions to transfer your current TFSA to Ally Canada. The
$50.00 will be deposited into your Ally HISA when the transaction is completed.
This should make it easier for those wanting out of their current Institutions with lower rates that are charging for TFSA transfers. Ally Canada's TFSA - HISA currently offers 2% as well as decent GIC rates. For those interested in moving their TFSA ... check it out!
2:52 am
December 12, 2009
Offline
I considered taking advantage of this offer I received via Canada Post yesterday; however, upon reflection, I've decided from a tax perspective, I'm really not saving a lot of tax with my current TFSA being a high-interest savings account. I generated little more than $70 in interest this year on $5000 in my HSBC Advance TFSA (formerly HSBC Direct TFSA). I plan on withdrawing the money in the next week and using that contribution room in 2010 for my Canadian equities portfolio, currently with Scotia Capital's TradeFreedom.
It is a good offer, though, and one I think other banks will need to do remain competitive in the TFSA market.
Cheers,
Doug
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