TFSA
Noun
Meaning
TFSA (plural TFSAs)
(Canada, finance) Initialism of tax-free savings account
Coordinate terms: (similar accounts) FHSA, RRSP, RESP, RRIF
Coordinate term: (equivalents) TESSA
Anagrams
Examples
TFSA Market Crash: How to Recover in 2020 if You Lost MoneyInvest in the Canadian National Railway stock to recover from the losses to your TFSA during this market crash.
Is a contribution to an RRSP or a TFSA best if I'm retired?
First, because of their limited contribution room and relatively young age (TFSA have only been around since 2009), TFSAs are often relatively small compared with RRSPs.
But keep in mind that you can open more than one TFSA, with more than one financial institution.
Loeppky said the TFSA remains an effective tool for investing tax-free, but the amount you will be able to shelter will be less.
You can put your after-tax RRSP proceeds into a tax-free savings account (TFSA), but the contribution limits are fairly low.