http://www.tdcanadatrust.com/tfsa/
Stolen from TD's site:
Quote:
Starting January 2, 2009, there’s a great new way for you to save money. TD Canada Trust will be offering the new Tax–Free Savings Account, which was recently announced by the Canadian government in the 2008 budget. A Tax–Free Savings Account (TFSA) is a flexible investment account that allows you to earn investment income without paying taxes and gives you access to your money whenever you want it.
A TFSA is a great way to save money for major purchases like a car, a home renovation or a family vacation, to put away more money for retirement, or just to have money available when you need it.
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Since I am relatively brain-dead when it comes to financial stuffs... what's the real verdict on this? It sounds really good, but there must be a catch or something I'm not seeing.
What's attracting me to it is the ability to set (and save for) short-term goals, without being kicked in the nuts when it's time to use the money for what I saved it for. Since I'm pretty accustomed to getting kicked in the nuts whenever I try to get between a bank and my money, I'm thinking that there's probably going to be some kind of delayed nut-kicking on this one... something that I might not feel until the end of the new year, for instance.
Anyone have any advice or thoughts on this new account?