Image: Matheus Ferrero
Once you identify which goals you are saving for and determine an appropriate investment plan, the next step is to figure out which investment account type is right for you. Some choices may be more obvious than others, like using an RRSP to save towards retirement, or an RESP to save for your kids' education. But what about shorter-term goals like purchasing a car or saving for a wedding?
If you're asking yourself this question, a Tax-Free Savings Account (TFSA) might be the right vehicle for you and your goals. Use these tips below to help you determine if you should open a TFSA.