TFSA only qualifies under the name?

[lebyarules]

Hello all

Could someone assist with the Tax free investment accounts and the other investment accounts.
i have read a few things that have confused me. My banker seems confused too.

example on nedbank.
you can create a TFSA in a unit trust called core diversified b.
However, you can also create an investment that does not fall under TFSA name buts its the same unit trust called core diversified b.
which is it? is it a TFSA or just an investment or can it be both? does it have to fall under an umbrella called TFSA to qualify?

i have seen this in other institutions like fairtree.

the SARS website also confused me about fixed deposits saying a fixed deposit can qualify for a TFSA.
i have a fixed deposit, how am i to no if this is a TFSA?
is the difference only noticed if you received it3b or it3s?

we get 36k tax free for TFSA and then 24k tax free on interest but i am battling to differentiate what falls under what.

thanks

 

[supersunbird]

Hello all

Could someone assist with the Tax free investment accounts and the other investment accounts.
i have read a few things that have confused me. My banker seems confused too.

example on nedbank.
you can create a TFSA in a unit trust called core diversified b.
However, you can also create an investment that does not fall under TFSA name buts its the same unit trust called core diversified b.
which is it? is it a TFSA or just an investment or can it be both? does it have to fall under an umbrella called TFSA to qualify?

i have seen this in other institutions like fairtree.

the SARS website also confused me about fixed deposits saying a fixed deposit can qualify for a TFSA.
i have a fixed deposit, how am i to no if this is a TFSA?
is the difference only noticed if you received it3b or it3s?

we get 36k tax free for TFSA and then 24k tax free on interest but i am battling to differentiate what falls under what.

thanks

A TFSA is just a wrapper name with TFSA conditions applying to it.

So you can have a Coronation Balanced Plus unit trust investment straight, no restrictions apply.

Or you can have a Coronation Balanced Plus unit trust investment in a TFSA wrapper (you don't pay dividents tax and such, you can't add money back if you withdraw).

Or you can have a Coronation Balanced Plus unit trust investment in a Retirement Annuity wrapper, and Retirement Annuity conditions would apply (like no withdrawing until at least age 55)

*Coronation Balanced Plus unit trust just chosen as a random example

 

[zerocool2009]

Tax free (tfsa) is the product.

Tax free interest is what you get yearly without paying any tax on it. Example, interest on savings. Interest in unit trusts.

Its not the same things, and lengths apart (as in the meaning)

 

[lebyarules]

A TFSA is just a wrapper name with TFSA conditions applying to it.

So you can have a Coronation Balanced Plus unit trust investment straight, no restrictions apply.

Or you can have a Coronation Balanced Plus unit trust investment in a TFSA wrapper (you don't pay dividents tax and such, you can't add money back if you withdraw).

Or you can have a Coronation Balanced Plus unit trust investment in a Retirement Annuity wrapper, and Retirement Annuity conditions would apply (like no withdrawing until at least age 55)

*Coronation Balanced Plus unit trust just chosen as a random example

that makes sense, i had just called it an umbrella instead of a wrapper.
the problem i had, i could not remember if i selected a TFSA unit trust as i was ill at that time.
i only have a it3(b) and it3(c) but no it3(s).
looks like i am needing to start a TFSA asap.

thanks

 

[zerocool2009]

that makes sense, i had just called it an umbrella instead of a wrapper.
the problem i had, i could not remember if i selected a TFSA unit trust as i was ill at that time.
i only have a it3(b) and it3(c) but no it3(s).
looks like i am needing to start a TFSA asap.

thanks

Then it aint a tfsa. As you are saying, the (s) indicates that

 

[lebyarules]

yes, google says
An IT3(s) is a Tax Certificate received from an institution such as a bank or financial services institution. It is a summary of all the details of your Tax Free Savings account for the year (eg. interest, dividends, etc) that you will require when you complete your Tax Return.