7 things you may not know about your TFSA| Investing

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7 things you may not know about your TFSA

Nearly half of Canadians contribute, but confusion lingers on

Nov 21, 2011

Confused woman reading investment statement

In 2009, the Canadian government introduced a Tax-Free Savings Account (TFSA) as a new, tax-sheltered investment account for Canadians. According to a recent BMO survey, about 44 percent of Canadians are currently using a TFSA. Despite this, many of them are still confused about exactly how TFSAs work – and how they differ from RRSPs.

Here, we’ll take a look at a few things you probably don’t know about your TFSA – and set the record straight.

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