TFSA tips: Making the most out of this savings tool [Video]

Are you leaving money on the table with your TFSA?

The Tax-Free Savings Account (TFSA) is a powerful savings tool and investment vehicle available to all Canadians. It offers tax-free growth on investments as well as tax-free withdrawals.

That said, many people are leaving money on the table by using their TFSA as a simple savings account. Below, I’ll explain a bit more about how TFSAs work and how to take full advantage of them, so you can reach your financial goals faster.

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TFSA basics

During the recession, TFSAs were introduced in 2009 as a way to encourage Canadians to save more money with a tax-advantaged account.

Don’t let the name fool you, though. TFSAs aren’t just a substitute for a traditional savings account. They can also be used as investment vehicles to hold stocks, bonds, GICs, and other long-term investments. Just be sure not …