A TFSA allows taxpayers to set money aside in eligible investment vehicles and watch those savings grow tax-free throughout their lifetime.
There are no restrictions on the way TFSA funds (contributions and earnings) can be used, making them good savings options for retirement, as well as other reasons:
- purchase a car
- renovate a home
- start a small business
- take a family vacation
- medical or long term care expenses
- or just save for ‘a rainy day’
All income levels and all walks of life can benefit from a TFSA.