Comments

  1. Canadian Performer's Money says:

    Just to be clear, Harper never bumped up the TFSA to $10,000 per year and it still sits at $5,000 per year.

    I never understand why someone would ask someone else what a TFSA was instead of just going to the government website where the rules are clearly laid out. Wouldn’t that be the most trusted source of information?

    http://www.tfsa.gc.ca/

    • Hey, Yes I know he didn’t bump it up, I don’t think that is what I was trying to say, sorry if that’s what you perceived. It’s true any time someone wants to learn they should always seek professional advice or simply the link you posted.. thanks for posting that. Cheers Mr.CBB

    • Yes I put Harper went on about bumping the TFSA.. that means he was “talking about” wanting to bump it up.. likely my British English you misunderstood, although I am still learning.. Cheers. Mr.CBB

      • Canadian Performer's Money says:

        Ha ha… no I understood you fine. :) I just wanted to UNDERLINE that point in case some speed reader went running off to over contribute to their TFSA.

        • Oh, I went back and put it in brackets just in case someone thought that’s what I meant. I thought oh crap if CP thinks that and I know you’re on your game then someone else might misread it.. Anyhow I put the edit in beside it… Bloody English, we think it’s the same but sometimes it’s not.. The wife and I still argue about how to say aluminium… lol..

  2. Wendy LeDrew says:

    sorry to say TFSA is not for me. I have a budget, but with kids, a mortgage, etc.. its near impossible to put away that much money a month or year! I do think that everyone should have an emergency fund though.

    • I agree an emergency fund is very important. I also realize that for most people a TFSA is a “nice to have” especially if you are raising a family. Thanks for your comment Wendy!! Mr.CBB

    • Canadian Performer's Money says:

      Where do you keep your emergency fund? You could keep it in a TFSA and withdraw it when needed with no penalty.

  3. We have TFSA’s and use them as an emergency savings fund. We have used them a few times and they were very easy to access. I wish we didn’t always have to touch that money! Hopefully we’ll be on the right track soon!

    • Lots of people stash their money in a TFSA and use if for an Emergency Savings. I’m sure Jen that before you know it you will have your budget sorted and be on your way to building Net Worth!!! Cheers Mr.CBB

  4. Zayba Ramoutar says:

    I know this sounds kind of 1950s, but my husband has always dealt with the finances. He’s a business graduate, and is my human calculator! So far he has done well for us keeping us out of debt (other than our cars and mortgage). I think I will forward this to him as I know he has a meeting coming up with our financial advisor. Thanks for giving me more of a financial understanding!!!!

    • Thanks for the comment Zayba!
      Like Canadian Performers Money says any time you are unsure always talk to a professional in person..yes you can read government pamphlets and websites but if it’s not making sense go to the pros… most important tip ever when you are playing with your own money and are not one who does their own investments.

  5. Joanna Cheevers says:

    I think the TFSA is great and have been fortunate enough to be able to put the full amount in every year since it came out. I will continue doing so while I can before circumstances change. I also contribute to an RESP for my daughter so that she hopefully will not have the debt I had when I graduated from university. Thanks for sharing.

    • Awesome, children who have parents who can do this for them are so lucky. Every time I think about it I wonder why it wasn’t around when we were young although I’m happy to see things have evolved. Thanks Joanna for your post.. Mr.CBB

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  7. […] if you have the money keep putting money away into your (Registered Retirement Savings Plan)RRSP, Tax Free Savings Account (TFSA) or any other investments for your future especially if your employer has an investment matching […]

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  9. […] except for my RRSP until the line of credit was paid off. When it was paid I would then start-up my Tax Free Savings Account (TFSA) and education fund (RESP) for my son again. I was extremely proud of myself for making it […]

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