Friday, July 19, 2013

Opening a TFSA Account

Last February, I opened my first step to retirement.  Since I'm not yet eligible to use any RRSP contribution for tax credit purposes, I opened a TFSA account for the meantime.  For those not familiar with the TFSA (Tax Free Savings Account), it is a type of an account that will not be taxed on it interest earning.  The contribution limit today is $5,500 plus last years unused limit of $5,000.  I'm planning to maximize my contribution limit and try to diversify my investments.  So far, I only have a savings account. =(.  Oh well, one step at a time.

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