I have not put money into my TFSA in quite a while. I had slightly over $200 in cash sitting in this account and not making money off it. So I decide to put it to work while taking advantage of commission free ETFs offered by my broker.
I purchased 11 shares of Claymore 1-5 Yr Laddered Corporation Bond ETF, with ticker symbol CBO on the Toronto Stock Exchange. I just had to pay $0.04 in fees. The commissions are free to buy but ECN fees still apply. The distribution of the ETF is almost entirely interest, which means it is taxed at the marginal rate. There might be some capital gains. Since it is in my TFSA, it will not be taxed.
The entry yield on my purchase is approximately 4.28%. The distribution yield will fluctuate month to month but I should receive approximately $0.75 per month. This is nothing to write home about but not the money is working for me instead of sitting there collecting 0 % interest.
Disclosure: Long CBO