Those who like to save money should be rejoicing because the Governement of Canada has made changes to the Tax Free Savings Account.
"So as of 2019, you can contribute $6,000 versus the $5,500 it has been in previous years," explained Lychelle Horner of ATB Financial, "We are on our tenth year of TFSA contributions."
The TFSA is great for those trying to save for retirement as there is no income tax taken out when withdrawing the funds.
"The Tax Free is nice because you can put your money into it and you can withdraw it with no tax penalty, where yout RSP you are contributing and you have to pay taxes when you are pulling it out. So, Tax Free is a nice savings account that will give you a little bonus when you are pulling it out," continued Horner.
"So, if you were 18 in 2009, as of today you can contribute up to $63,500," concluded Horner.
There are many different options to invest in your TFSA so do what works the best for you.