TFSA’s have been in existence since 2009. You can contribute up to $6,000 in 2021 and the maximum amount that you can contribute since its inception is $75,000.
Have you considered putting money in a TFSA or have already put money in? Is it meeting your objectives? Are you aware of the rules around it? Are you aware of the benefits of it?
Did you know that if you contribute $5,000 a year for 20 years at a return of approximately 4% you will end up with around $150,000, BUT if your return is closer to 6% you could end up with around $200,000.
Once you realize the potential growth power of a TFSA, I think you then need to get a handle on what the TFSA means to you. Is it solely a rainy day fund? A tax-free replacement to your regular trading account? Something in the middle?
While this all seems very straight forward, there are strategies that will allow you to meet your goals by taking advantage of TFSA’s.
See Also:
Tax Planning
The objective of personal tax planning is to minimize or defer income taxes payable through the proper organization of your financial/taxation affairs in the most beneficial way possible within the legal confines of [...]