May 22, 2015
TFSA's... Should they be called TFIA's instead? Standing for Tax Free Investment Accounts. It's what they are. We've believed so for some time. I'd like to thank federal cabinet minister Pierre Poilievre for taking some time last night to listen to me on how this would benefit many Canadians. Many people don't realize this product can be invested in Equities, thus forgoing potentially strong tax free growth and settling for saving tax on almost nothing in a high interest savings account instead. Money in equities goes into creating employment, putting food on families tables, and creating new spending and incomes which both generate tax. Stronger growth from the TFSA product could also allow more Canadians to retire early. It's all possible now, but we need to change the perception on how TFSA's should be used. Naming them what they really are, a TFIA just makes sense.