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Discussion forum Tax Free Savings Accounts TFSA

TFSA
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8:54 pm
August 9, 2010


helen

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:???:
I went to the bank to set TFSA for my sister (new immigrant). The bank interest is 1.9% with one free withdrawal/month. With the inflation rate at 2% the growth will be negative. What type of investment my sister could use as TFSA account with growth. Bank's TFSA saving account seems a losing way to go.

10:43 pm
August 9, 2010


guest

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She can open a TFSA at any discount brokerage (e.g. questrade, rbc direct, etc…) and invest in stocks, bonds, options, mutual funds, etfs, etc… from within the TFSA. Gains are not taxed, but losses can't be claimed against income.

Anyone looking for "growth" in this economy is going to have to accept a high level of risk, so your sister should be prepared for the possibility of losing a lot of money if her investments (and the market as a whole) tank.
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