Friday, May 14, 2010

TFSAs still not used to the fullest

Talbot Boggs of the Canadian Press has reported that there is a lot of misinformation regarding Tax-Free Savings Accounts (TFSAs) and the majority of Canadians (68%) have yet to take advantage of them.  No real surprise there ... the name is a bit of a misnomer and they have been marketed as just another bank account.  I prefer to refer to them as Tax-Free Investment Accounts ... it seems to me to be a more fitting description.

Do you think there has been enough information about these accounts in the media to make an informed decision about opening one, or has the lack of information kept you from taking advantage of "one of the best financial savings instruments to come along in decades"?

Let me know what you think.

Source: yourmoney.ca

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