The greatest Canadian personal finance success story of this century so far is the rise of the tax-free savings account, Rob Carrick writes. The country’s 19.5 million individual TFSAs had a total fair market value of $277-billion as of 2017, up an impressive 19 per cent over the previous year. The Canada Revenue Agency’s 2017 TFSA numbers, the most recent available, are full of useful insights on achieving success with TFSAs.
Feeling inadequate because you haven’t a hope of reaching the maximum $6,000 contribution for 2020? Forget it – most of Canada is in your position.The average TFSA holder between 25 and 29 made 24 contributions in 2017, compared with the national average of 14.4. That suggests younger people are using pre-authorized contribution plans or at least electronically moving money from their chequing accounts to their TFSAs on a regular basis – a praiseworthy habit.
globeinvestor trudeau, the jacobin not helping the TFSA limits any...so much for being concerned with the middle class and their retirement. RESIGN!
globeinvestor why bother posting it if you have to be a 'subscriber' to view it?
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