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:
With aging Boomers hoarding cash and Gen-X'ers hitting their income stride, we are undeniably hurtling toward a retirement bonanza. This blog is dedicated to our growing obsession with life after work and the best path to get there.
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