questrade
Is it offered?
Yes
Do we have a date?
Since April 3
What types of investments?
Stocks, bonds, exchange-traded funds (ETFs), mutual funds, options, precious metals, GICs
Does the institution’s website mention it?
Yes
The Toronto-based low-cost online brokerage firm offers two options for putting money into a TFSA: investing on your own in a self-directed Questrade (SDI) account 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.
National Bank
Is it offered?
Yes
Do we have a date?
Since April 17, 2023
What types of investments?
Savings account and GIC
Does the institution’s website mention it?
Yes
Currently, to open a CELIAPP, you must call the National Bank to make an appointment with an advisor or 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.
PHOTO PROVIDED BY THE NATIONAL BANK
Stéphanie Castonguay, Senior Advisor, Strategy Advisory Team, and Financial Planner at National Bank
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 the moment, these are the only two options offered, the objective being to make him eligible as quickly as possible,” explains Stéphanie Castonguay.
National Bank does not yet have a precise 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, planned in all institutions on 1er April 2023, Stéphanie Castonguay recalls that the bill was not approved until 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. »
RBC Royal Bank
Is it offered?
Yes
Do we have a date?
Since April 20, 2023
What types of investments?
Stocks, bonds, exchange-traded funds (ETFs) and mutual funds
Does the institution’s website mention it?
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-Click. 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 method of calling a branch to make an appointment with an advisor can also open a TFSA in this way.
Gardens
Is it offered?
No
Do we have a date?
At the beginning of summer
Does the institution’s website mention it?
Yes
“Work is continuing at Desjardins to offer the CELIAPP to our members and clients as soon as possible,” explains spokesperson Jean-Benoît Turcotti. In the meantime, Desjardins members and clients can take advantage of a pre-CELIAPP promotion to invest [la somme] their future CELIAPP 2023 contribution at a promotional rate. »
PHOTO JOE ALVOEIRO, PROVIDED BY DESJARDINS
Jean-Benoît Turcotti, spokesperson for Desjardins
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 to 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. “It was a registered product with tax-free returns. 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. »
Bank of Montreal (BMO)
Is it offered?
No
Do we have a date?
By the end of 2023
Does the institution’s website mention it?
Yes
The TFSAPP will initially be offered to BMO and BMO Wealth Management customers through personal banking and wealth management services. “As of today, the application is not yet available, but will be shortly,” says the BMO spokesperson.
Laurentian Bank
Is it offered?
No
Do we have a date?
No
Does the institution’s website mention it?
No
“The timelines between the release of the product parameters by the federal government and the effective date were very tight,” said spokesperson Merick Seguin.
TD Bank (Toronto Dominion)
Is it offered?
No
Do we have a date?
During the summer
Does the institution’s website mention it?
Yes
“Once the CELIAPP is offered, we encourage those interested to make an appointment with a TD advisor in one of our branches,” said spokesperson Caroline Phemius.
Scotiabank
Is it offered?
No
Do we have a date?
During the year 2023
Does the institution’s website mention it?
Yes
CIBC
Is it offered?
No
Do we have a date?
By the end of 2023
Does the institution’s website mention it?
Yes
Savings Placements Quebec
Is it offered?
No
Do we have a date?
By the end of 2023
What types of investments?
All those offered on the site
Does the institution’s website mention it?
Yes
“We are ready, we had to start on 1er April, but we are waiting for the OK from the Government of Canada, ”says a customer service employee on the phone. On the Épargne Placements Québec site, it already indicates how to open a TFSA account, but once you have entered our member account, the option for this “purchase” is not yet offered.
Tangerine
Is it offered?
No
Do we have a date?
No
Wealthsimple
Is it offered?
No
Do we have a date?
By the end of 2023
Does the institution’s website mention it?
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.
EQ Bank
Is it offered?
No
Do we have a date?
No