The Government of Canada has increased the allowable contribution limit for a Tax Free Savings Account to $6000 in 2019!
That means that if you haven’t contributed to a TFSA ever in your life, you have a total combined TFSA limit of $63,500. That money, when invested within a TFSA, will grow on a Tax-Free basis, and at the time you withdraw, you will not be taxed on any profits that the investmet has made. You can invest GIC’s, segregated fund & mutual funds, as well as simple interest bearing savings accounts into a TFSA. You have options!
Take advantage of investment vehicles like RRPS’s and TFSA’s – and if you get confused about what to invest into where..?? Ask a Financial Advisor. We are happy to help out and give guidance where needed!