Tax-Free Savings Accounts
If you're like me, the new Tax-Free Savings Account is a bit confusing. How does it work? I found some great information on the following web sites:
Canada Revenue Agency: Tax-Free Savings Account (TFSA) for Individuals Find out here who is eligible to invest in a TFSA, how to set up an account, the types of investment vehicles allowed in a TFSA, how to contribute, and how to make withdrawals.
Department of Finance, Canada Information about the account from the Budget 2008 web site.
Government Of Canada: Tax-Free Savings Accounts This site describes the difference between a Tax Free Savings Account and an RRSP. It also includes a TFSA calculator and "TFSA for Seniors".
Gordon Pape has published a book about Tax-Free Savings Accounts: Tax-Free Savings Accounts: A Guide to TFSA's and How They Can Make You Rich. It's available in many of the branches of the Toronto Public Library.
Arm yourself with as much information as possible to make your decision about Tax-Free Savings Accounts a snap!