Are you a saver?
If you are, the TFSA is an excellent vehicle and it just got better.
If you max out your TFSA for the next 10 years ($10,000 per year), you will have an additional $100,000.
(Present Value = $40,000, 10 payments of $10,000 each year at a 7% annual growth rate, Future Value = $209,966).
If you have $40,000 in your TFSA now, you should have roughly $210,000 in 10 years.
That should provide some incentive!
Helping Families Make Ends Meet
Scott Tomenson,CIM Managing Partner, Chief Investment Strategist