The Tax-Free Savings Account can be a misunderstood savings tool
The Tax-Free Savings Account (TFSA) can be a misunderstood savings tool. Considered by some to be a short-term investment, many of us do not value its long-term savings potential. If you’re in your 20’s, you have time on your side and are well positioned to make (or exceed) a million dollars of tax- free savings by retirement. If you’re getting a late start with investing, don’t worry. Individuals in their 30’s, 40’s and 50’s can still accumulate significant tax-free savings by the time they’re ready to retire.