The Tax Free Savings Account (TFSA) is a registered account with the government. It is designed so that you can increase your savings in a Tax Free manner.
How it works is this: (This is a simplified explanation!!)
You open the account.
You contribute money into the account. There is a limit you are allowed to contribute.
The money grows tax free.
You withdraw money from the account. Tax Free.
You can re-contribute that money back into your TFSA the next calendar year.
How to get the most out of your TFSA
Despite the “Savings” in the name, you don’t have to put your money into a savings account within the TFSA. You are allowed to invest it!
Depending on your goals, timelines and risk tolerance, you may want to invest that money into Stocks, Mutual Funds, Segmented Funds or alternative investment options.
I Can Help
I am able to assist you in setting up your TFSA, and I can help you invest in certain avenues within your TFSA.