TFSA CONTRIBUTION FOR 2025 HITS $7000

Opening a Tax-Free Savings Account (TFSA) in Canada offers several advantages:

1. Tax-Free Compounding: Investments inside a TFSA grow tax-free, allowing your investment to compound faster without the drag of annual taxes.
2. Flexibility: TFSA withdrawals can be made at any time and without any withholding tax. This gives you the flexibility of a savings account with the long-term compounding of an investment account¹.
3. No Age Limit: You can contribute for as long as you want to—there’s no age limit.
4. Different Saving Goals: The TFSA account lets people save money for any reason, not simply for retirement³. For example, you can save for a car, for your education, to buy a home, to set aside extra living expenses, and/or for retirement³.
5. No Impact on Government Benefits: TFSAs are great for extra retirement savings since the income generated within the account does not impact government benefits¹.

Please note that while TFSAs offer many benefits, it’s always recommended to consult with a financial coach to understand the best strategies for your specific situation.