Category Archives: TFSA

Who will use Tax Free Savings Accounts?

The government introduced Tax Free Savings Accounts (TFSAs) in the 2008 Federal Budget but will Canadians use these accounts? Will people be encouraged to save more money with the introduction of TFSAs? Related article:  TFSA Basics Statistics show that people are not saving money but the hope is that the new TFSAs may help to change

TFSA vs RRSP: Why not do both?

Since TFSAs were introduced in 2009, there has been a lot of great debates over the RRSP and the TFSA.  Here are some examples of the TFSA vs RRSP debate: My article on the new debate between RRSPs and TFSAs Canadian Capitalist surprised by some recent reports that suggest that a lot of Canadians would be better off contributing

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