Despite its name, the Tax-Free Savings Account (TFSA) isn’t really designed to be just a savings account. Parking your money in cash or a high-interest savings product inside it is a complete waste of what this account can offer. Here’s why: The TFSA is one of the most powerful tools available to Canadian investors. Any…
Image source: Getty Images There is no need to pick stocks — an exchange-traded fund (ETF) can do all the heavy lifting for you. And if you didn’t know, ETFs are eligible holdings in a Tax-Free Savings Account (TFSA), meaning your gains, dividends, and withdrawals are completely tax-free. If you want to grow a TFSA,…
Image source: Getty Images For an exchange-traded fund (ETF) to be a “buy and hold forever” for me, it needs to do just two things: be broadly diversified and have a low management expense ratio (MER). That’s it. Checking off these two boxes can set you up for long-term success without overcomplicating your portfolio. With…