Since their introduction in 2009, the tax-free savings account (TFSA) has been a smash hit with Canadians.Melanie Lambrick/The Globe and Mail
The tax-free savings account has been a smash hit with Canadians keen to take advantage of another avenue for tax-sheltered savings. The account can appear limited at first glance: Canadians who were 18 or over when the TFSA rolled out in 2009 only have a cumulative maximum contribution limit of $95,000.
But the beauty of the TFSA – and why it’s so popular with investors – is that any interest, dividends, capital gains or other kinds of investment income earned within the account are completely tax free, even as money is withdrawn from the account. Savvy investors can take advantage of a TFSA to maximize gains on their most promising investments, including stocks, exchange-traded funds, mutual funds or fixed-income securities with higher yields.
Are you one of these investors? Which stocks or investments resulted in such high returns? The Globe and Mail is looking to hear from Canadians who have large TFSA balances to find out more about how they accomplished the feat.
Share your TFSA success story by filling out the form below, or by sending an email at audience@globeandmail.com.
Have you grown your tax-free savings account to at least half a million dollars?
If you have a TFSA valued at more than $500,000, The Globe and Mail wants to hear from you. We’re curious about what investments and strategies led to this success. Share your investing experience below. You could be featured in a Globe and Mail article.