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How TFSAs Work: Why Do You Need One?

The TFSA is also known as the Tax-Free Savings Account. This is an investment and savings tool you can use in Canada to save for anything you like. Anyone over 18 can start one of these accounts, and you can withdraw money from the account at any time. Remember that this account is not the same as an RRSP. If you are thinking about saving for retirement, you should look at what an RRSP can do for you. The people who want to save for a vacation, a car, a home, or college tuition should continue eating to learn about the TFSA.

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