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The TFSA, or Tax-Free Savings Account, is a popular registered account in Canada. Introduced in 2009, the TFSA is tax-sheltered, which suggests any returns generated in the account are exempt from Canada Revenue Agency (CRA) taxes.
The CRA has raised the TFSA contribution limit for 2024 to $7,000 increasing the cumulative contribution room to $95,000. For TFSA couples, the maximum contribution limit will double to $190,000 next year.
Due to its tax-sheltered status, the TFSA is an ideal account to hold undervalued dividend stocks that pay shareholders a tasty yield. In addition to a steady stream of dividend income, you can also benefit from long-term capital gains.
Here’s one such high-dividend TSX stock you can buy and hold in the TFSA right now.
Is Slate Grocery REIT a good buy?
Slate Grocery (TSX:SGR.UN) owns and operates a portfolio of grocery-anchored real estate properties in the U.S. With US$2.4…
