TFSA, Explained - Everything You Need To Know About The Tax Free Savings Account For Beginners

The tax free savings account (TFSA) is a registered investment account (that's right, not a savings account) in Canada that let's you invest money and have tax tree gains - and because of that awesome benefit, there's a limit on the amount you can contribute every year. There's a lot to know about the TFSA, and once you do you'll see why it's a great investment account to start out with and take advantage of. By the end of this video, you'll be all set to invest - tax free!

0:00 What is a TFSA?
2:33 Benefits of the TFSA
3:45 The TFSA is an investment account
5:08 How to open a TFSA
6:08 What is the contribution limit?
8:03 Here's an example
8:38 Withdrawing from your TFSA
9:31 Can you lose contribution room?
11:58 Can you have multiple TFSAs?
12:58 How CDIC protects your deposits

Check out the CDIC website for more information about deposit protection and TFSAs - https://www.cdic.ca/

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