- Fully online account sign-up - For those who are out of the country a lot, as I am right now in the UK, it is a relief and a pleasure to be able to do online the whole sign-up, including form filling, "signing" agreements, providing ID by email (a scanned passport or driving license). No paper to send in Hooray!
- Electronic money transfer from my bank account to Questrade via the Pay Biller service to make the $5k TFSA contribution (or if I was to need it, to move money back)
- Rapid personal email confirmation from the the new account manager Emil Vojkollari, whose name and number I now have in case I need it!
- Quick human contact to a rep through the 1-888 number when I had a question about the only negative below
- Multiple named beneficiaries for the TFSA is not yet possible on the electronic form; you must post a letter in with instructions - names and proportions to each beneficiary. BTW, why is the province of Ontario lagging others like BC, AB, NS and PEI (according to accountant Dean Paley writing in Jonathan Chevreau's column on the Three Big TFSA Issues) in passing legislation allowing such named beneficiaries to be direct recipients of a TFSA proceeds upon death instead of having this pass through the will/estate and incurring probate taxes?
They are the only brokers who offer more or less complete ability to set up ETFs to automatically reinvest dividends/distributions and without extra commission as I wrote about in DRIPing ETFs in Canada. (Actually, Qtrade will also DRIP ETFs but they don't offer a TFSA) For me, the TFSA is not an emergency funds account, it is just another part of my investment portfolio which consists primarily of ETFs, and that's what I want to buy at Questrade. Given that the TFSA limit is only $5000, the distributions will be small and it would be too costly to buy a couple of shares at a time so the cash would just be sitting there idle without Questrade's unique free service.