Tax-Free Savings Accounts not so Tax-Free After All
Tax-free savings accounts seemed like such an easy answer for homebuyers and homeowners when they first came out in 2009. Unlike RRSPs, the traditional method of saving for a home, with a tax-free savings account you can contribute as much as you want, up to $5,000 a year, take it out whenever you want, and use it for a mortgage, to help pay off a home equity loan, or anything else that you need – and all of it is tax-free! But, as many people who did just that in 2009 just found out last year, it’s not that easy and if you’re not careful with your TFSA, it could be something that really is too good to be true.
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