6 Things To Avoid With a Tax-Free Savings Account (Ep. 55)

Just the name Tax-Free Savings Account (TFSA) sounds wonderful, doesn’t it? You can set aside money tax-free throughout your lifetime and it is a great idea… If you don’t make some simple mistakes. We need to be aware of the regulations around these accounts to avoid any painful mistakes.

In this episode, Kris goes through six simple steps you can check off in order to have a tax-free savings account as a valuable tool that benefits you. Your TFSA is a registered plan that could help you save a certain amount of money each year and grow it tax-free.

Kris discusses:

  • Why you should name your spouse as a successor holder rather than a beneficiary of your TFSA
  • The reason you should not use your TFSA as a high-interest savings account
  • The importance of planning when to withdraw money out of your TFSA
  • Factors to consider when looking to make a big purchase
  • And more

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