Hehehe I'm so strange!

iVillage Member
Registered: 04-10-2003
Hehehe I'm so strange!
5
Fri, 06-26-2009 - 6:07pm

As you can see by my ticker, I have my $1000 efund funded. The problem is its in a tax free savings account which I can contribute $5000.00 a year too. BUT if I pull money out of it, I can't put it back in until next year (and that becomes an accounting mess) so I've decided to start another efund/savings account (not tax free) that I can save larger chunks of money in for things like course fees, text books or emergencies. This means I will have something like 10 accounts going!!!!! All are no fee, but still, its a lot! Oh well, it works for me! This is going to slow down my debt progress, but I like the idea of having the cash on hand rather then always having the CC yoyo.


If the HR lady at work was right then I should be getting paid at my proper rate July 22 and will get a really big backpay that will help jumpstart this initiative!


Bex -


"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."


Bex -

Avatar for sohappilyme
iVillage Member
Registered: 03-26-2003
Fri, 06-26-2009 - 7:23pm

Hey, I'm with you! We have four checking accounts and three savings accounts (all free with some paying interest) spread out over four banks, and that doesn't even count ING! Each one has a purpose. It's far to easy to spend money you have no business spending when it's all in one or two accounts!

I hope that check packs a wallop!

Sarah


sahm, wahm, homeschooling mom to

Sarah
iVillage Member
Registered: 07-26-1999
Fri, 06-26-2009 - 7:59pm

Bex, you can have more than one tax free savings account, you just can't deposit more than your eligible contribution room for the year between all the accounts that are tax free. So if you have two tax free accounts, you could deposit $2,500 to each of them for the year.

Revenue Canada rules here:
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/sttng-eng.html

You're right that you if you take money out of a tax free account, you can't put it back in the same year. Any withdrawals in a year get added to your contribution room for the next year.

Here's links to the commonly asked questions:
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/qstns-eng.html

iVillage Member
Registered: 04-10-2003
Sun, 06-28-2009 - 10:07am

Hi Rebecca!


I actually have two TFSA accounts, one for emergencies and one for Mutual funds. I just don't want to have to worry about it! I just find it easier to have different accounts with specific goals.


I'm strange, I know!


Bex -


"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."


Bex -

iVillage Member
Registered: 04-12-2007
Sun, 06-28-2009 - 11:35am

You go, girl!

iVillage Member
Registered: 08-04-2008
Mon, 06-29-2009 - 3:16pm

I agree, whatever works and that is the great thing about the board, so many ideas.


I have a checking account and savings account at Chase.