I think the TFSA is one of the best gifts that the Canadian Government ever gave to us. What is surprising is how many people don’t understand the benefits of this – especially if you are self-employed, such as I am!
I started automatically contributing to my TFSA on a weekly basis about 2 years ago and have built up a considerable savings, within the contribution rules of course. See here for more information on how much you can contribute each year!
The problem I was having was how to maximize my returns or interest earned. It’s no secret that the interest offered by institutions is ridiculously low. We bank our hard-earned money with these institutions, which they then borrow from and lend back out at a higher interest rate! I will save this rant for a future post.