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.
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 …