Tax-Free Savings Accounts Do's & Don'ts
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TFSAs (Tax-Free Savings Accounts) Dos and Don’ts
Do’s
Do ** Know your LIMIT and buy within it
* Assuming you have already maxed out your TFSA - the 2022 contribution limit is $6000.00 and $6500.00 next year.
* Not sure what your limit is? You can locate this information on your CRA account online. Haven’t created an account with? I recommend you do, in the meantime, your accountant or bookkeeper should be able to tell you.
Do ** Use your TFSA as a long-term savings vehicle
Don’ts
Don’t ** use your TFSA to save and spend – that is what a “high interest” savings account is for.
Don’t ** use your TFSA to save for a down payment on a home/property or any other major purchase. There is always a chance the market could be down when you need access to the funds. There is no upside to selling at a loss OR not having access to what you need when you're ready to buy.
Questions?
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