Understanding tax free savings accounts

Trevor Parkhouse joins CTV Your Morning Vancouver to chat about tax-free savings accounts (TFSAs) and how they offer flexibility when managing your money. There’s no limit to how many TFSAs you can have, but there is a yearly contribution limit. It’s important to keep track — over-contributing can lead to penalties. Your contribution room resets every January, and you can check your limits anytime through your CRA account. You can withdraw funds whenever you want, and any growth stays completely tax-free. Tune in to learn more.