Savvy investors can take advantage of a TFSA to maximize gains on their most promising investments.wenmei Zhou/iStockPhoto / Getty Images
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The tax-free savings account, introduced in 2009, has been a smash hit with Canadians keen to take advantage of another avenue for tax-sheltered savings. It’s an effective way for everybody 18 and older to save and invest for major life goals, and provides a unique chance to generate investment income tax free. Savvy investors can take advantage of a TFSA to maximize gains on their most promising investments, including stocks, exchange-traded funds, mutual funds or fixed-income securities with higher yields.
As the year begins to wind down, it’s time to begin taking a hard look at your TFSA. Should you max out your contribution limit, or wait until next year? What if you want to take some money out, when should you replace it? What’s the best strategy to maximize returns in the account?
On Thursday, Nov. 21 at 11 a.m. ET, Globe and Mail investing editor Darcy Keith, alongside financial planner Owen Winkelmolen and economist and investing writer Larry MacDonald, answered reader questions about TFSA best practices and share tips on how to effectively use one of Canada’s best financial tools. Keith and MacDonald have written for The Globe’s TFSA Trouncers series, where they asked successful Canadian investors how they grew their TFSA balances.
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What’s the difference between a TFSA and an FHSA? Can I pass my TFSA down to my kids? How did anybody manage to reach $1-million? Read our experts' responses for the answer to these questions and more.