TFSA Tax-Free Savings Accounts Begin in January 2009

We outlined previously some of the basics of the TFSA as compared to the traditional RRSP. But what we failed to mention was that the TFSA is officially being made available to the Canadian public on January 1, 2009.

Any Canadian, no matter what your income is, can contribute up to $5000 to a TFSA and can take the money out at any time on a tax-free basis. There is little reason not to take advantage of this short and long-term hybrid investment option.

Here's a video that discusses the basic details of a Tax-Free Savings Account:

Here is another video that outlines what a middle-aged dual-income couple can do with a TFSA:

Recent Entries:
· RRSP Home Buyers' Plan Helps With Downpayment
· Grossing Up Your RRSP
· Tax Free Savings Account vs. RRSP

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