December 11, 2019

Canada Revenue Agency: 8.1 Million Canadians Are Making This TFSA Mistake

Most investors are warned not to over contribute to their TFSAs but there is another more common mistake many don’t know about. In fact more than 8 million Canadians owning these accounts don’t do it. If you aren’t investing the funds in your account, you won’t make money or benefit from the tax advantage these accounts provide. Holding stocks in your account, such as high yielding ones, allows you to increase your funds while avoiding capital gains and dividend taxes.

“Apart from the fact that not investing your money means you’re missing out on returns, there’s the fact that there’s no tax benefit to holding cash in a TFSA.”

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