Tuesday, November 9, 2010

Tax-free savings account a mystery to many

The CBC reported today that "While more than one-third of Canadians have opened a tax-free savings account, a survey by Leger Marketing found nearly 40 per cent don't know about investment options within a TFSA."

While the TFSA (Tax-Free Savings Account) may be the best thing since the RRSP (Registered Retirement Savings Plan), the fact that they are so widely misunderstood means that many people who have opened a TFSA may not be getting the most out of it.

As with any investment, it is important to ask the right questions before you take action. A good advisor can help make sure that you're getting the most 'bang for your buck'.

Let me know what you think ... Do you understand the rules governing TFSAs?

Source: Sympatico.ca Finance

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