A TFSA, or tax-free savings account, was first introduced in 2009 for Canadians to create an investment savings account whereby all growth on their deposits are not taxed.
When you first retire, there is usually a high degree of pent-up demand created by unforeseen expenditures we had not anticipated. Many Canadians underestimate their spending in retirement and when asked, most new retirees were not able to cut back on their spending as they had planned once in retirement.
This is called the Honeymoon Stage. How can you blame them? New retirees are healthy and active and all those pictures they have been cutting out of the travel section of the paper for the past couple of years look like great places to finally visit. TFSAs are also good as an emergency saving account for those savers who want their investment to grow tax free and still have access to their funds at any time.
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