Comment 62815

By mrgrande (registered) | Posted April 28, 2011 at 13:41:17

Most Canadians using TFSAs are suckers: they put whatever pittance they can sock away during the year in a low-yield savings account generating about 2% interest

Have you taken a look at other savings accounts lately? The 2.5% I'm getting on my TFSA is the best interest rate I can find.

By the end of the year if that investment is worth two, three or fifty times what it was worth before, our lucky investor can sell it and withdraw the returns from the account totally tax free.

First of all, where can I invest a measly five grand and come out with $250,000? Sign me up for that investment! That being said, if they do hit the jackpot and have a huge ROI, don't they have to pay taxes on that? So sure, the original $5K doesn't get taxed, but the new money does, right?

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