A few weeks ago I had a queue nearing 20 posts ready to publish one a day, and no shortage of time to up that number faster than it could drop. Skip to today and it has been 5 days since my last post. Yes, summer vacation is over and it is back to school. Unfortunately that means I have less time to read, resulting in less I have to post about. On the plus side, I live right across from my TD bank so I have made some progress there!
After waiting for the forms to make it to TD, my TFSA was finally registered and $1000 was deposited as an initial investment. While I did open the account with the idea of putting away money to invest, I figured I would also use the account as a tax-shelter to hold my investments once I started. Unfortunately, I opened the wrong account. I opened a “TFSA Savings Account” rather than a “Mutual Fund TFSA”. Frustrating, but I went over to the TD today and got it switched to the right account without any trouble.
I did not purchase any mutual funds just yet. Instead, I have made the decision to invest in the “e-series funds” that TD offers. This is an account where you can purchase mutual funds completely online. Not only convenient, this also reduces the expense-ratio for the available mutual funds to under 0.5. You can only invest in index funds, but as that is what I wanted to do to begin with, it is the perfect opportunity.
So my next step is to mail in forms stating that I want to convert my Mutual Fund TFSA to an E-series fund. It is unfortunate that I have to mail the forms in and jump through hoops by first opening a mutual funds account and then converting it, but I will discuss that frustration in an upcoming post.
Other than that I am saving money consistently, cutting back on unnecessary spending, and taking a Mathematics of Finance course at the University. I hope I’ll learn some cool stuff from the course, but I guess we’ll see!
Stay tuned.
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