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Can somebody explain to me in very basic language like you were talking to a child or barnyard animal what is the purpose of a TFSA, in actuality. I am very new at money management having spent many years as a student bumping around various homeless shelters so I'm not savvy on these things now that I'm bringing in Tim Hortons level cash after graduating with a prestigious 4 year BA. I know it is called a "saving" account (the S is in there after all) but this does not seem to be the purpose. I think the intended purpose is to be an investing account, correct? Because otherwise you are best case making only $30/month from opening one and stuffing your money in it. If you use it as an investment vehicle and say you earn money from your investment over and above the account limit would that not get you in trouble for going over the contribution room? I know it's a stupid question but I sincerely know nothing about this stuff. So you put money in your TFSA and "buy stocks" with it and what you make is tax free but where does the money go? Please don't hurt me. Edit: this post is the first time I've really related to my avatar picture, just saying
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Sep 13, 2013 20:09
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| # ¿ Apr 24, 2024 03:46 |
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