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A Tax Free Savings Account is an opportunity to invest your money, generate some dividends or capital gains, and not pay tax on your investment growth. You simply open the TFSA with any financial institution, make a contribution and decide on the investment choices with Vertex Insurance and Investments advisors.
It’s pretty straightforward. You are free to invest your money as you wish. If you are a conservative investor, put it into very safe GICs (Guaranteed Investment Certificate). If you love risk, invest in the growth funds or choose a path between the two extremes.
A key feature is that you can withdraw money at any time. The TFSA is the perfect vehicle since there are no tax implications to withdrawing money. This is one of the benefits of a tax-free savings account.
Ideally, you should invest in both a TFSA and RRSP as the choice will depend on your income and financial goals.