SEPTEMBER 14, 2022
By Jillian Stinson
Read time: 4 minutes
Did you know that a tax-free savings account (TFSA) can be used for more than cash? Unlike a traditional chequing or savings account, you can also hold other types of investments in a TFSA too. That can include stocks, bonds, or mutual funds that may offer you higher interest growth.
To put it simply, a TFSA lets you save up money without paying any tax on:
- the investment 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.