Category Archives: TFSA

Refreshing the basics of a Tax Free Savings Account

I recently met with a client who had many questions about a Tax Free Savings Account (TFSA) and how it works. Later, I met with a young man to set up his first TFSA. Then I returned to the office and on my desk was an article regarding TFSAs vs traditional non registered accounts. It surprises me

Investing your TFSA

Sometimes, the TFSA is misunderstood.  One common misunderstanding is how many people think the Tax Free Savings Account (TFSA) is just a savings account.  After all, the ‘SA’ in TFSA stands for ‘savings account’.  If the TFSA was called the Tax Free Investment Account (TFIA), would people then mistake it for just a savings account

Why are so many Canadians Over-contributing to the TFSA

The Tax Free Savings Account (TFSA) was first introduced in 2009. My personal opinion is that the TFSA is one of the best financial tools devised in a long time. It allows for contributions and tax free growth and tax free growth and withdrawals. The TFSA can be a brilliant tool for short or long term investing.

TFSA or RRSP: A case study

I’ve written about choosing between a TFSA or RRSP in the past but I thought I would share a real case study on someone I recently met. Richard is 32 years of age.  He is married with one four-year-old son. He is putting away $300 per pay into 3 different accounts at the bank. $100 per

Tax Free Savings Account or paying down debt?

Tax Free Savings Accounts (TFSA) are really gaining traction and popularity.  Everywhere I go, people seem to be interested in the TFSA because they are tax free.  And why wouldn’t tax free appeal to you? That being said, I am reading more and more articles that suggest TFSAs are better than RRSPs and will eventually

TFSA or pay down debts

The Tax Free Savings Account (TFSA) is big news in the personal finance world.  These new tax free accounts have brought about lots of discussions not only about the TFSA basics but also some new and interesting debates.  Not too long ago, I discussed the new debate between TFSA or RRSP and came to a