Most people are not making the most of their Tax Free Savings Account (TFSA).
Part of the problem is the name.
It’s not a savings account. It’s an investment account and it should be used like one.
Yet, a BMO study from last year found that:
* 37% of Canadians don’t have a TFSA
* Half aren’t aware you can hold assets other than cash
* And 29% say over three quarters of their balance is in cash
I hate to see those stats, because:
* Everyone should have a TFSA (even if you don’t have a ton of money to invest)
* Everyone should be aware that you can hold all the usual sorts of investments
* Almost no one should be holding three quarters of their money in cash
If you want help getting a TFSA set up, to learn about how to better invest your balance (in line with your goals), and to stop missing out on tax-free growth, send me a message.