Thoughts on TFSA account

I am currently working on opening TFSA account at Questrade.

Starting from 2009, every Canadian can contribute $5000 into Tax Free Saving Account. When you earn, you do not pay any tax. Also the money in TFSA will not affect for OAS, which is nicer than RRSP.

As my current understanding, TFSA might be the first place you put money in than RRSP, RESP though different account has their own purpose. The main disadvantage for RRSP and RESP is that you cannot have too much money in it, say one million, because they defer the tax and when you get them out, you might pay the highest tax rate if you have millions in the account.

But for TFSA, you can have millions. No problem. So I am thinking to use the most aggressive method to accumulate wealth in this account through day trading.

Questrade charge $5-$10 for each trade and $5 US trasaction fee per day, which I think it is the lowest for a $5000 account. When it grows to $30,000, I may consider CIBC investor edge for lower commission.

I still involved in opening account stage with Questrade. I have to admit that Questrade's service is not so good. I still didn't get money in the account after one month. I will update later days on my TFSA account.