Do you have a savings account with your bank?
A Tax-Free Savings Account (TFSA) is like a savings account, however the main difference is that a TFSA can be treated like a savings account or an investment account. What makes it such an attractive option is that you will not be taxed on earnings within a TFSA (like interest, dividends and capital gains). Furthermore, you can conveniently withdraw money from your TFSA at any time without having to pay taxes on it. Just be aware — there are specific rules in place to make sure you do not over-contribute, which could lead to a surprise tax charge.
As with any financial goal or endeavor, you will benefit from working with a financial industry professional. If you feel ready to receive the perks of having a TFSA, we can help you get the most out of it and keep you from making costly mistakes. Book your free consultation today.