Tax Free Savings Accounts are ideal savings vehicles for an emergency fund, for car replacement savings, or even for some of your retirement savings.  When you open your TFSA, just remember to comparison shop as you would for any consumer product.  Financial institutions will vary in the amounts they may charge for opening fees, transaction fees, and monthly maintenance fees.  In addition there may be fees associated with the specific investments inside the TFSA. Be sure to ask for a complete list of all of the fees before you sign your contract.

What are you using your new TFSA for? Share your ideas.

If you would like to fit a Tax Free Savings Account into your financial plan, and you need some assistance in creating a spending plan to do that, contact one of our Money Mentors coaches.