With Greece avoiding exit from the Euro Zone last month, anxious investors have turned their attention towards China and the price of oil. The weak economic data coming out of the developing markets in Asia caught up to Chinese markets in mid-June and the exponential gains in the first half of the year have been erased.
A recent article published in Benefits Canada pointed out that the majority of Canadians don’t know how Tax Free Savings Accounts (TFSA) work. The TFSA is a tax-sheltered account for Canadians in which any gains or income earned in the account are tax-free, even when the money is withdrawn. Because income is not taxed, your earnings grow quicker than they would in a taxable account since any money that would have been withdrawn to pay taxes instead earns income for you.
This blog by Invisor CEO Pramod Udiaver was originally published on Huffington Post Canada. As a new guest contributor, Pramod will be posting regularly on Huffington Post. Watch for Pramod’s upcoming article on back-to-school financial tips.