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Q. How can Credential Direct offer stock purchases in their TFSA account but other investing accounts do not?
A. Each company that offers a Tax-Free Savings Account (TFSA) will offer different product. Synergy Credit Union as an example offers a variety of TFSA eligible products: cash, iSave or 1-7 year term deposits. Other companies such as Credential Asset Management offer mutual funds*, and brokerage firms such as Credential Direct and Credential Securities Inc. offer a combination of investments such as stocks*, bonds* and mutual funds*.
Hope this helps.
*Mutual funds are offered through Credential Asset Management Inc. and mutual funds and other securities are offered through Credential Securities Inc. and Credential Direct®, a division of Credential Securities Inc., which operates as a separate business unit. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, cash balances, mutual funds and other securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. Mutual funds and other securities are not guaranteed, their values change frequently, and past performance may not be repeated. Credential Securities Inc. is a Member-CIPF. ®Credential Direct is a registered mark owned by Credential Financial Inc. and is used under licence.
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