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EPISODE SUMMARY
We’re back with Season 2 of The Canadian Money Roadmap Podcast! This episode focuses on TFSAs and will set you up to use them like a pro.
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TOPICS IN THIS EPISODE
1. TFSAs are best used for building long term wealth. Short term savings are best saved in a non-TFSA Savings account.
2. You can (and should!) invest for growth within a TFSA. Here's a link to the BMO study showing nearly half of Canadians thought they could only have cash in a TFSA
3. Building long term wealth starts and ends with a TFSA. Focus on maximizing your TFSA first and spend the TFSA money last in retirement
4. By building the bulk of your savings in a TFSA, you'll be able to keep your future taxable income low as well. This can have a significant impact on making sure you receive your full Old Age Security payments and potentially spend less money on other government subsidized costs like long term care that are indexed to your taxable income.
RESOURCES MENTIONED
BMO study regarding how Canadian’s use their TFSA
TFSA guide from the Government of Canada
OTHER EPISODES
24. TFSAs are Great but Watch Out….
29. RRSP, LIRA, TFSA…Where do you Withdraw from First?
36. 5 Steps to Set Up Your TFSA for 2022
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