SEPTEMBER 24, 2021
By Jillian Stinson
Read time: 4 minutes
The tax-free savings account (TFSA) lets you stash extra cash for just about anything. You can use it for rainy-day savings, a new house or retirement.
To put it simply, a TFSA lets you save up money without paying any tax on:
- the growth within the account, or
Still, since the Government introduced the TFSA in 2009, it’s estimated only 50% of Canadians have opened one. Why? Maybe because they don’t realize what a great savings option the TFSA can be. To help clarify what it is and how it works, we’ll answer 6 questions about TFSAs.