I usually write about a company that our funds are invested in. This time, I\u2019ve decided to write about something different yet important to all investors. The tax-free savings account (TFSA) was introduced in Canada in 2009. For the first year, any Canadian 18 years of age or older could make a TFSA contribution of 5,000. Yearly since 2009, contribution limits have been adjusted for inflation and rounded to the nearest $500. The only exception was 2015 when the amount was $10,000. For 2020, the maximum yearly amount stands at $6,000 and since you can go backwards in order to \u2018catch up\u2019, the accumulated contribution amount for anyone who was age 18 or older in 2009 is $69,500; a substantial amount of money.<\/p>\n
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