Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this8:54 pm
I went to the bank to set TFSA for my sister (new immigrant). The bank interest is 1.9% with one free withdrawal/month. With the inflation rate at 2% the growth will be negative. What type of investment my sister could use as TFSA account with growth. Bank's TFSA saving account seems a losing way to go.
10:43 pm
She can open a TFSA at any discount brokerage (e.g. questrade, rbc direct, etc...) and invest in stocks, bonds, options, mutual funds, etfs, etc... from within the TFSA. Gains are not taxed, but losses can't be claimed against income.
Anyone looking for "growth" in this economy is going to have to accept a high level of risk, so your sister should be prepared for the possibility of losing a lot of money if her investments (and the market as a whole) tank.
Please write your comments in the forum.