TFSA is a great program for Canadians that lets you save money at any point in adult life. The money you put into your TFSA account is not taxed. Interest earned, dividends, and capital gains are not taxed. You can use the money tax free to spend on anything you like.
This can be a great retirement plan, money to renovate your home, funds to send your child to university, an exotic vacation, and much more.
It’s a great way to grow your savings. Money contributed on a regular basis can quickly grow into a lot more money. Many people are surprised how much they save as their account grows and grows.
TFSA is like a basket that lets you choose from a whole host of financial investments. You can put your money into traded funds, guaranteed investment certificates, stocks, bonds, and a savings account. Whatever gains you make are tax free. It allows every day people to grow their investments in impressive ways.