Is anyone presently using their Forex trading accounts as a Tax free saving account (TFSA)? Are forex accounts eligable for these types of accounts?
I’d like to know this, also. I THINK the answer is “no”, although I had seen some articles about Questrade offering Forex trading from a TFSA (articles was nearly two years old). They don’t seem to allow it now (tried, wouldn’t allow Forex trading with registered accounts).
But, please, if anybody can offer the final word, that would be great.
Thanks,
Ryan
Why don’t you call Revenue Canada and ask them…
There is good news and bad news. Yes you can trade forex currencies in a TFSA. But, I have not been able to find a broker who will allow you to open a TFSA account for trading currencies. I don’t understand why. If you find one I would be glad to hear.
I believe foreign funds can be held in a TFSA, however as mentioned, I have not seen any brokers offering TFSA forex accounts. I suspect the reason might be because margin accounts are not allowed under registered accounts such as RRSPs and TFSAs.