What is a TFSA?
A Tax-Free Savings Account lets eligible Canadians save or invest using after-tax dollars. Investment growth and withdrawals are generally tax-free, which makes the account flexible for both short-term and long-term goals.
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A TFSA can hold cash, mutual funds, ETFs, stocks, GICs, and other qualified investments. The right use depends on your time horizon, risk comfort, and whether the money is meant for emergencies, home planning, family goals, or retirement.
Common planning mistakes
- Using the account only as a basic savings account when the timeline supports investing
- Overcontributing after withdrawals
- Ignoring how TFSA, RRSP, and FHSA strategies can work together
TFSA planning often pairs with RRSP retirement planning and family education savings.