When Tax-Free Savings Accounts (TFSAs) were rolled out in 2009, they came with a lot of fanfare. Earn interest tax-free! Contribute up to $5,000 per year! Take it out whenever you want! The problem is that while TFSAs really do come with all these perks, they also come with complicated fine print and a huge number of options, which has left many prospective investors confused, apathetic and occasionally out of pocket.
But before you write off TFSAs for being too much trouble, we’ll let you in on a little investing secret: rules can be your best friend, or your worst enemy. Becoming a good investor is all about learning how to play the game.
Here we’ll take a look at some of the most common TFSA traps investors fall into. Learn to avoid these and you’ll be able to enjoy all the perks that TFSAs provide – while skipping the pitfalls. Find out more in my new post on GoldenGirlFinance.ca: http://bit.ly/SMeEtB