The best TFSAs in Canada for 2022 + MORE Nov 17th

There are more investment options in Canada than you can shake a stick at! Stay on top of the best returns right here.
Latest News

Manitoba government to hand out cheques to help with rising food, fuel costs - + MORE Jan 26th

Manitoba government to hand out cheques to help with rising food, fuel costs  CBC.caManitoba premier announces second round of inflation cheques  Global NewsManitoba premier to announce new round of cheques to combat rising cost of living  CBC.caSecond round of Manitoba.... More »
 stock exchange

The financial perks of taking a gap year before post-secondary May 16th

The "Big Five" Canadian banks offer investment funds and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Let's explore the best place for you to invest. The financial perks of taking a .... More »

Making sense of the markets this week: October 15, 2023 + MORE Oct 13th

Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors. Clearly, the biggest world news is the conflict in Israel and Gaza. This week we are holding off discussing the effects.... More »

5 things to know before the stock market opens Friday - CNBC May 12th

5 things to know before the stock market opens Friday  CNBCFutures higher ahead of Friday trading: Stock market news today  Yahoo Canada FinanceWhat every Canadian investor needs to know today  The Globe and MailNasdaq 100: Bulls may be too optimistic on US CPI &nb.... More »

TC Energy splitting into 2 separate companies - Global News Jul 27th

TC Energy splitting into 2 separate companies  Global NewsTC Energy announces spinoff of liquids pipeline business  Yahoo Canada FinanceTC Energy splitting into two companies  BNN BloombergTC Energy to unlock value by creating two premium energy infrastructure companies.... More »
For Canadian investors and savers, it’s always some of the best news to come each year: new TFSA room that becomes available each January 1. For 2022, the TFSA contribution limit is $6,000, and for 2023, it is $6,500.

The actual TFSA yearly limit was set at $5,000 back in 2009 when the investment account was first created, but it’s indexed to inflation each year and rounded to the nearest $500 to simplify things for investors. The exception was 2015, when the TFSA limit was hiked up to $10,000 for a single year before being decreased to $5,500.

Someone who has never contributed to a TFSA and was born in 1991 or earlier could have cumulative contribution room of $88,000 as of Jan. 1, 2023.

TFSA contribution limit—2009 to 2023

TFSA Annual Limit
TFSA Cumulative Limit
















Investing ideas for your TFSA

TFSAs are not just for savings…

Continue Reading On »

As the name suggests, tax-free savings accounts (TFSAs) offer a tax break on contribution income—meaning that, unlike with a regular savings account or non-registered investment account, what you earn inside your TFSA isn’t taxed, even when you make a withdrawal. TFSAs are flexible, too, allowing you to hold cash, guaranteed investment certificates (GICs), stocks, bonds, exchange-traded funds (ETFs) or mutual funds, so you can tailor your account to different financial strategies and goals. The TFSA contribution limit for 2022 is $6,000, and for 2023 is $6,500, but keep in mind that if you qualified to make a contribution in 2021, but didn’t, that contribution room is still available to you. For those who turned 18 before or in the year 2009, the lifetime contribution limit is $81,500 in 2022 and will increase to $88,000 on Jan. 1, 2023.

Watch: What is a TFSA

function request_ad(e,t){t(e)}!function(e,t,n,o,i,u){e._Rumble=o,e[o]||(e[o]=function(){(e[o]._=e[o]._||[]).push(arguments),1==e[o]…

Continue Reading On »

What the heck is a TFSA?


One of the side-effects of working for a personal finance magazine is that my buds good-naturedly ask me for advice. I always oblige, albeit sheepishly, without letting on that I’m still learning, too (which I freely admit here).For instance, the other day I was having lunch with some friends when we started talking about money. The exchange went something like this:
Friend: Ugh, I’m so lost when it comes to money. What should I do?
One of the greatest mistakes young people can make right now (other than blow their money on something stupid, like, say, a house in Toronto) is not realize that their money can do more than just sit there.
Me: Well, do you have a TFSA?
Friend: Yes (in a proud voice).
Me: That’s great, you’re ahead of the game. What are you investing in?
Friend: W-w-what?
I then went on to explain what a TFSA really is. The tax-free savings account is NOT, I repeat, NOT just a savings account.
What is a TFSA?
A tax-free savings account (TFSA) should really be called a tax-free INVESTMENT account…

Continue Reading On »


Compare insurance quotes through - save time and money!