TFSA 2018/2019

[Alacrity]

1. Are the limits the same?
2. Can TFSA accounts now be moved?

 

[backstreetboy]

It's not 1 March yet...

 

[Alacrity]

It's not 1 March yet...

I know I should wait for 1 March but is it confirmed we will be able to move accounts on 1 March 2018 since it has been delayed more than once already...

 

[Hamster]

1. Are the limits the same?
2. Can TFSA accounts now be moved?

1. Yes
2. No

Unless they change their minds in the coming days. Absolutely nothing has changed.

 

[Alacrity]

1. Yes
2. No

Unless they change their minds in the coming days. Absolutely nothing has changed.

The current date for 2 is 1 March so if nothing has changed 2 is Yes...

 

[Magandroid]

According to a podcast by Simon Brown recently you apparently will be able to move TFSA's from 1 March. Whether all institutes will be ready is another issue.

 

[Hamster]

According to a podcast by Simon Brown recently you apparently will be able to move TFSA's from 1 March. Whether all institutes will be ready is another issue.

Really?! Link?

 

[Magandroid]

Really?! Link?

Check from 1:00:10 Hopefully I didn't misunderstand
https://www.youtube.com/watch?time_continue=3620&v=bDro58xX9wg

 

[Hamster]

Check from 1:00:10 Hopefully I didn't misunderstand
https://www.youtube.com/watch?time_continue=3620&v=bDro58xX9wg

Well, if he says Treasury confirmed it then we'll have to wait and see. Nothing was mentioned in the budget speech so either 1) they backtracked on the decision or 2) they don't want to advertise it and have a flood of requests.

Simon is right though: definitely don't want to be the first guy.

 

[Magandroid]

Well, if he says Treasury confirmed it then we'll have to wait and see. Nothing was mentioned in the budget speech so either 1) they backtracked on the decision or 2) they don't want to advertise it and have a flood of requests.

Simon is right though: definitely don't want to be the first guy.

Yeah I agree will have to wait and see though.

 

[Hamster]

Maybe we're in luck after all.

 

[jman]

Awesome need to transfer some cash that I naively deposited into a FNB TFSA cash deposit a while ago

 

[Hamster]

Allan Gray, Coronation or ABSA...

 

[Alacrity]

From Coronation:

Thank you for your email.

Kindly note that we are awaiting confirmation from the FSB ( Financial Services Board) on when tax-free investment transfers will be allowed.

Once this is allowed there will be a public announcement and we will be able to facilitate these transfers.

We look forward to hearing from you once this has occurred.

For assistance please contact the Coronation Client Service Centre on the toll-free number 0800 22 11 77 or e-mail clientservice@coronation.co.za.

Have a wonderful day!

 

[backstreetboy]

Already live on Stash but it's a form you have to fill in.

 

[supersunbird]

You can now transfer your tax-free savings

https://www.iol.co.za/personal-finance/you-can-now-transfer-your-tax-free-savings-13578198

Piwe Tshombe, the personal income tax economist at National Treasury, says industry has had time to develop its systems to accommodate transfers, and product providers should be able to transfer benefits to another provider.

He says the amendments to the regulations governing tax-free savings accounts (TFSAs) specify that transfers will be required by all product providers that offer tax-free savings accounts from March 1.

“Any product provider unwilling or unable to allow transfers of [benefits] of an investor in any TFSA will no longer be allowed to open new TFSAs to investors. They will only be permitted to continue managing those that they already managed as at March 1, 2018. Importantly, they will not be allowed to accept further contributions into those products already being managed on March 1. Note, however, that while product providers are all compelled to allow transfers out to other product providers, they are not compelled to allow transfers in from other providers.”

 

[Alacrity]

From Allan Gray

Thank you for contacting Allan Gray.

Allan Gray Tax-free Investment
We are currently only allowing transfer out of Allan Gray Tax-free investments at this point in time. We would like to be able to provide our clients with the highest level of service before accepting transfers in. We expect to be in a position to accept transfers later this year. Please contact us later this year to check if we will be able to transfer your tax-free investment.

Apologies for any inconvenience caused.

If you have any questions, please contact our Client Service Centre on 0860 000 654 or email us at info@allangray.co.za.

 

[CamiKaze]

Where do you guys want to move your TFSA account to and for what reason (specs/details)?

 

[Alacrity]

Where do you guys want to move your TFSA account to and for what reason (specs/details)?

Coronation or Allan Gray because any one of them should be better than FNB's 7%

 

[supersunbird]

Coronation or Allan Gray because any one of them should be better than FNB's 7%

Not defending the FNB fund but...

Coronation Top 20 unit trust:
3 years annualized performance - 6.9%

Coronation Balanced Plus unit trust:
3 years annualized performance - 6.3%

Just an example on how you must research, and put money in a fund you like after the research.