In Praise Of TFSA's

[Corp. Taxes Suck]

Haha fucking thank you!    ac_drinks

That Shen Li is one smart fucking fortune cookie. She's sweeter than fucking sugar too.



Bob,



You got your handle back. ac_drinks

That is good Shen Li..



No more taking handles that are not yours please.

Moi?? ac_angel

[cc]

I think I'm about to throw up ... too much sweetness for my system to handle

I wish I had this information when we first set up our TFSA's

Prolly not a problem Fash. If you decide to go another route, likely you can get out of your mutual(s) ...... be careful in what you choose though ... you will be more on your own with EFTs .... fees are low or nonexistent, but be sure you can get out cheap

[Anonymous]

I wish I had this information when we first set up our TFSA's

Prolly not a problem Fash. If you decide to go another route, likely you can get out of your mutual ...... be careful in what you choose though

I am going to make an appointment with our bank cc la femme..



We need more information, so we can make an informed and better choice.

[cc]

Most banks won't talk much about ETFs .. .TD, no ... Royal, no ..... already met with both ... I have appointment tomorrow with BMO - they appear to be in them in a big way which is why I'm seeing them.... will test them on that tomorrow noon



Until forced, most banks will not give up the large mutual management fees  .. they even claw back from the originator in fact to make it even juicier for them .. so info and assistance on ETFs is hard to get from banks most will do anything to change the subject back to mutual ... or put down the ETF concept ... a concept low in fees but also more locked into their stocks ... whereas mutual funds tend to play the market daily and change horses ..... a good and a bad point as my experience tells me that most brokers are not as sharp as they think they are ..... don't get me going about what happened to my Mom 2 days before the crash in 08 at the hands of an "expert" money manager / stockbroker ... @#$%^&



soeulbro will be a good info source .. although I'm not sure if he is licensed for ETFs or not ... further, I read that some mutual licenses allow trading of some ETFs . all depends on the license in hand

[Anonymous]

Most banks won't talk much about ETFs .. .TD, no ... Royal, no ..... already met with both ... I have appointment tomorrow with BMO - they appear to be in them in a big way which is why I'm seeing them.... will test them on that tomorrow noon



Until forced, most banks will not give up the large mutual management fees  .. they even claw back from the originator in fact to make it even juicier for them .. so info and assistance on ETFs is hard to get from banks



soeulbro will be a good info source .. although I'm not sure if he is licensed for ETFs or not ... further, I read that some mutual licenses allow trading of some ETFs . all depends on the license in hand

If you wouldn't mind cc la femme, would please let us know the results of your meet tomorrow..



I will make an appointment with our bank too.

[cc]

Will do



I edited the above .... "so info and assistance on ETFs is hard to get from banks most will do anything to change the subject back to mutual ... or put down the ETF concept ... a concept low in fees but also more locked into their stocks ... whereas mutual funds tend to play the market daily and change horses ..... a good and a bad point as my experience tells me that most brokers are not as sharp as they think they are ..... don't get me going about what happened to my Mom 2 days before the crash in 08 at the hands of an "expert" money manager / stockbroker ... @#$%^&

"

[Anonymous]

Will do



I edited the above .... "so info and assistance on ETFs is hard to get from banks most will do anything to change the subject back to mutual ... or put down the ETF concept ... a concept low in fees but also more locked into their stocks ... whereas mutual funds tend to play the market daily and change horses ..... a good and a bad point as my experience tells me that most brokers are not as sharp as they think they are ..... don't get me going about what happened to my Mom 2 days before the crash in 08 at the hands of an "expert" money manager / stockbroker ... @#$%^&

"

Thank you cc la femme..



I look forward to your report.

[Anonymous]

It is easier now to get licensed for ETF transactions.

[Anonymous]

I would not recommend index funds either. The fees are less than half of mutuals. The TSE has about 300 companies. Of that approximately 90 are energy, 90 are resource companies and 90 are finance/insurance related. Canadian stocks have done very well compared to our competitors, but that is 90% in three sectors.

[cc]

By "the TSE" are you refering to the mix in a specific investment?



What is your reason on "not recommend index funds"?



Well Fash - had one of the best business meetings ever. BMO impressed me personally, businesswise and how they deal with clients ....... They will either assist in setting investments (of ALL types) all up initially and while they of course do not monitor a no-fee self administer account type actively, they will sit down and discuss possible changes and alternatives at any time at no charge ...... unlike the "if you don't set up with a managed for fees type you are on your own". For someone with good ability to use computer and an understanding of how stocks work, it's the best of both worlds ... like have cake and eating it too

[Anonymous]

I would not recommend index funds either. The fees are less than half of mutuals. The TSE has about 300 companies. Of that approximately 90 are energy, 90 are resource companies and 90 are finance/insurance related. Canadian stocks have done very well compared to our competitors, but that is 90% in three sectors.

I did not know about this either seoulbro..



We have an appointment with our bank's financial advisor on May 14..



I hope we have enough knowledge after that to make sound investment decisions.

[Mel Gibson]

You people are making this more complicated than it needs to be...



GO to your bank, and ask them to set you up a SELF DIRECTED Tax Free savings account.



THAT IS IT!  DO NOTHING MORE!  SELF DIRECTED!  No options, no fees, NOTHING!  SELF FUCKING DIRECTED!  I cannot repeat that enough times, since you will need to know those two words, and some here have trouble with this, or just give bad advice.



THIS is the first thing you must do.  Don't worry about other investments.  They can be easily transferred from account to account.  May take a couple days, but don't worry.  Create the account first.

[Mel Gibson]

Secondly, do NOT listen to others when choosing your investment.  Want the best investment adviser?  Look in the fucking mirror.  YOU are the best adviser when it comes to your own needs.



USE your fucking brain.  Is McDonald's a good investment?  For some it is...  It has proven steady.  Why?  Because people fucking eat there!  Use your brain!  Will McDonald's disappear tomorrow?  NO!



Again, when you invest, think of yourself as part owner of a business, because that is exactly what you are.  You won't get a say (other than voting for the roundtable bigwigs once a year), but nonetheless you are a part owner.



And this is as simple as it gets...  USE your fucking brain.  Want to play the lottery?  Some win, most lose...  Some bet on Apple in its infancy, and it worked for them.  That's playing the lottery.  Do that if you can afford to soak up the loss.



There are many companies that are solid.  Canadian banks are solid.



You can pay someone to mix and mash up a few different stocks into one.  Or, you can diversify your portfolio in almost exactly the same way on your own.



There is no "right or wrong."  Diversify with a few solid shares, and then just forget about them.



Obviously this advice is geared towards the long term investor.  Day traders are an entire different breed, and I would suggest staying away from them, and their advice...

[Annie]

Ok, let me get this straight so what your saying is that anyone can go to their bank and open a TFSA? Haha, I'm just messin with ya :P

[Mel Gibson]

Ok, let me get this straight so what your saying is that anyone can go to their bank and open a TFSA? Haha, I'm just messin with ya :P

Yes!  There seems to be some confusion here...