The Benefits of a TFSA
Why should I contribute to a TFSA?
A TFSA is an excellent personal savings vehicle. It can help you save money for various purposes throughout your life stages, and your investment can grow tax-free. Within a TFSA account, you can hold a variety of investment vehicles such as cash, stocks, bonds, mutual funds and GICs. Unlike its sister account, the RRSP, one of its main benefits is that you can withdraw your money at any time… tax-free. With the 2021 annual contribution of $6,000, the cumulative TFSA contribution room is $75,500, if you have been eligible to contribute since its inception in 2009. I will be more than happy to discuss with you how to best utilize your TFSA in 2021.
Tanya Wilson, BBA, CFP, FCSI, CIM
Portfolio Manager & Certified Financial Advisor