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Do you want to hear a wild fact? As of recent data, only about 10-15% of Canadians have maximized their Tax-Free Savings Account (TFSA) contributions since the account’s inception in 2009. Despite the benefits of tax-free growth and withdrawals, the majority of Canadians do not fully utilize their available contribution room, which has accumulated to a maximum of $95,000 as of 2024 for those eligible since 2009!
This relatively low percentage suggests that many Canadians may not be fully aware of the advantages of a TFSA or may lack the financial means to contribute the maximum amount each year. Yet when it comes to making the most of your TFSA limit, there are some standout investments that every Canadian should consider: With a combined approach that includes a reliable bank, a stable utility provider, and a diversified exchange-traded fund (ETF), there are choices offering a well-rounded strategy for…
