TFSA Providers and Fees

Who and how much?

TFSA Providers and Fees

In this article we will answer the next TFSA questions as part of the WellSpent TFSA Q&A Series.

Q10: Does it matter which TFSA provider I choose?

Shaun Williams, Avior Wealth Services answers:-

As mentioned above, each TFSA’s risk profile is different and unique. Each TFSA has different underlying investments within the account. Thus, the investor must understand the underlying investments within the TFSA and whether the risk profile of those underlying investments align with the risk profile, objectives and needs of the investor.

 

Jan van der Merwe, head of Actuarial and Product at PSG Wealth answers:-

Government regulations ensure the basic features of TFSAs across providers are similar. That said, you should invest with a reputable company who can provide access to underlying investments that suit your investment preferences and that can offer you a holistic investment experience. From March 2018 onwards, you are also allowed to switch your TFSA between providers.

 

Q11: What fees should I expect when I use a TFSA?

Shaun Williams, Avior Wealth Services answers:-

Fees will vary amongst service providers and will also depend on what the underlying investment within the TFSAs are. However, the government introduced TFSAs as an incentive for saving. Thus, the government’s intention would be to provide a savings/investment vehicle that would be cost effective and simple. Performance fees or any other variable fees are thus prohibited. Costs charged on a TFSA should be easy to understand and easy to compare to other TFSAs.

 

Remember, you can access all of the TFSA Questions and Answers here.

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The Editors

WellSpent


 

Tax Free Savings Accounts – The Questions

Here are the TFSA questions we put to the experts:-

We trust that the information we have provided is helpful and we would encourage you to engage with us, through our social-media accounts or contact us here if you require any additional information.

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