Stock market news for investors: Tariff talk continues on earnings calls + MORE May 21st

—Michelle

An investor can open more than one tax-free savings account (TFSA). There are no restrictions on the number of accounts that can be opened, either. Some people have a TFSA for cash savings at an online bank and another for securities at a discount broker or portfolio manager, for example.

TFSAs have annual contribution limits, and there is a penalty tax of 1% per month for overcontributions. If you have more than one TFSA, it increases the risk of inadvertently overcontributing—even more so if you hold and/or trade in U.S. dollars.

Let’s look at the considerations for your Canadian and U.S. TFSAs, Michelle.

TFSA qualified investments

The Canada Revenue Agency (CRA) outlines the types of investments that can be held in a TFSA. The rules are generally the same for a TFSA as for a registered retirement savings plan (RRSP)…

Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.

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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings of major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

Best high-interest savings account rates in Canada

Generally, savings accounts offer very low interest rates. So, if you want to earn on your deposits (rather than simply using your account as a temporary “holding tank” or directing to longer-term saving and investing vehicles), a savings account with a high interest rate is a no-brainer…

Here’s a round-up of news for Canadian investors this week.

Microsoft

Honda

CAE

Walmart

Featured RRSP Accounts

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EQ Bank

Build your retirement savings with 2.00% interest, tax-deferred contributions and zero fees.

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Registered GIC rate

Earn a guaranteed 3.55% in your RRSP when you lock in for 1 year.

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Best RRSP rates

See our ranking of the best RRSP accounts and rates available in Canada.

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Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada…