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The TFSA: Introduction (Part 1 of 4)

Posted on January 12, 2009 at 7:37 pm 
Filed Under Canadian Taxes, Financial Planning, Investment Planning

The Tax Free Savings Account (TFSA) is one of the hottest topics in the Canadian investment world today, and for great reason.

Like everyone else, I believe the TFSA is an incredibly useful savings vehicle for anyone currently living in Canada. In fact, I am exceptionally grateful that the Canadian Government decided to bless an iniative of this nature.

Over the course of the next few days, I plan on providing you with a very simple explanation of what the TFSA is. This is not an overly complicated account or tax vehicle, but it is one that needs to be understood properly in order to take full advantage of its full potential.

Your Take-Away: Because the TFSA is so new to the Canadian market, in fact January of 2009 is the first time that one could open an account, I plan on providing you with an explanation of a number of different questions and topics relating to this new account. Together we will cover the following topics specific to the TFSA:

  1. How does it work?
  2. Why does it make sense for me?
  3. Is it better to invest in my RRSP or my new TFSA?

I am very excited about this series and hope that by the time you are finished reading our posts you will have a much clearer understanding of what this TFSA is really all about and better yet, how you can make it work most effectively for you and your family.

Until next time, have a Magnificent Monday!

Chris

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