Yes
Since April 3
Stocks, bonds, exchange-traded funds (ETFs), mutual funds, options, precious metals, GICs
Yes
The Toronto-based low-cost online brokerage firm offers two ways to put money into a TFSA: self-directed investing in a Questrade Self-Directed Account (SDI) or investing with pre-prepared Questwealth Portfolios ( QWP) that correspond to the comfort level of the investor. Much of the site is now in French.
Yes
Since April 17, 2023
Savings account and GIC
Yes
Currently, to open a CELIAPP, you must call the National Bank to make an appointment with an advisor or a financial planner, or go to the institution’s website, which has a new tab ” make an appointment,” explains Stéphanie Castonguay, senior advisor, strategy-advisory team, and financial planner, in an interview.
The funds can be put in a regular savings account or in a guaranteed investment certificate (GIC) with a term of one to five years. “For now, these are the only two options available, the goal being to make him eligible as quickly as possible,” explains Stéphanie Castonguay.
National Bank does not yet have a specific date, but “ultimately” the types of investments that will be offered for the TFSA will be the same as those currently offered for the Tax-Free Savings Account (TFSA) or the Registered Retirement Savings Plan (RRSP).
To explain the delay in the launch of the CELIAPP, scheduled for April 1, 2023 in all institutions, Stéphanie Castonguay recalls that the bill was only approved on December 15, 2022. “For us, it’s the first day, even if the announcement had been made before. It’s very short. Large projects of this type normally take 12 to 18 months. »
Yes
Since April 20, 2023
Stocks, bonds, exchange-traded funds (ETFs) and mutual funds
Yes
RBC’s most empowered clients can invest and choose the products they want to put into the TFSA through RBC Direct Investing. Those who prefer to invest in ready-made portfolios can do so online at RBC Investi-Clic. Exchange-traded funds designed by the professionals at RBC are available for the TFSA, but not mutual funds, according to the bank’s site, which offers plenty of details to guide its clients. Those who prefer to opt for the traditional way, i.e. to call a branch to make an appointment with an advisor, can also open a TFSAPP this way.
Non
At the beginning of summer
Yes
“Work continues at Desjardins to offer the TFSA to our members and clients as soon as possible,” said spokesperson Jean-Benoît Turcotti. In the meantime, Desjardins members and clients can benefit from a pre-CELIAPP promotion to invest [the sum] of their future 2023 CELIAPP contribution at a promotional rate. »
It is currently 4.65%. When Desjardins offers the CELIAPP, the amount accumulated in the pre-CELIAPP, up to the authorized limit of $8,000, will be converted into a contribution in the real CELIAPP. Starting in the summer, the offer will be limited to a few products, but others will be added over the months.
The implementation of the tax-free savings account, the TFSA, in 2009, was a little different, because the tax rules are different, recalls Jean-Benoît Turcotti. “This was a registered product with returns tax-free. For the TFSAPP, it is a little more complex, because there are interactions with other registered plans and, as with RRSPs, the contributions allow a tax deduction when filing income tax. »
Non
By the end of 2023
Yes
The TFSAPP will initially be offered to BMO and BMO Wealth Management clients through personal banking and wealth management services. “As of today, the application is not yet available, but will be shortly,” says the BMO spokesperson.
Non
Non
Non
“The timelines between the release of the product parameters by the federal government and the effective date were very tight,” said spokesperson Merick Seguin.
Non
During the summer
Yes
“Once the TFSAPP is available, we encourage those interested to make an appointment with a TD Advisor at one of our branches,” said spokesperson Caroline Phémius.
Non
During the year 2023
Yes
Non
By the end of 2023
Yes
Non
By the end of 2023
All those offered on the site
Yes
“We are ready, we were supposed to start on April 1, but we are waiting for the OK from the Government of Canada,” said a customer service employee over the phone. On the Épargne Placements Québec website, it already indicates how to open a TFSA account, but once entered into our member account, the option for this “purchase” is not yet offered.
Non
Non
Non
By the end of 2023
Yes
Wealthsimple says it is working hard to set up this account and offers its customers to join the waiting list for the official launch.
Non
Non