How to trade stocks online for beginners?

Can I use a Tax Free Savings Account (TFSA) to trade stocks through a Canadian Bank?

• I haven't bought or sold stocks before, so my question is two-fold. I heard of the TFSA, and that you can use it to make tax free income, and you're allowed up to 5 k per year in new principal capital, or 10 k if it's your first time. My question, can I use this money to buy stocks on the US or Canadian Stock Markets? If so, how do I set this up? Can I buy stocks online via Scotia Bank or do I have to use some other website to buy and sell stocks? I don't have a TFSA yet, but what I've found from the Scotia website is that they mostly offer bonds or scotia mutual funds, which I'm not too interested in getting in to at the moment..... I would hope there is a way to set it all up with Scotia and buy from there, but if not I'd like to know how to trade in stocks while taking advantage of this TFSA.

• Answer:

  TFSA is definitely something every Canadian should take advantage of. You get to keep up to 5 grand per year on any capital gains made. Ie money made from the stock market, dividends, even interest. If your not interested in buying bonds or investing in mutual funds don't. You have to ask yourself why Scotia bank pushing there mutual funds anyways... All canadian banks offer this, you should be able to walk into any bank and set one in a couple of minutes. You can probably even do it online. If your interested in investing in the stock market go to your bank, open up a brokerage account and a TFSA. Ask them how the TFSA works.