TFSA…Jack Of All Trades!

My previous post showed my total dividends for the year 2019 part of those dividends were contributed from my TFSA account as well as my RRSP and LIRA accounts. Also I mentioned I had sold some assets in order to pay down some debt that I had.  This is one of the beauty’s of the TFSA for me,  it is there as an emergency fund, it is there as a tax efficient savings vehicle for short, medium, or long term.

The above is what makes the TFSA so amazing it truly is individual definable in that it can tailored to each person’s specific needs or goals.  Whereas RRSP and LIRA accounts are typically suited for long term goals and needs.  So whatever a person’s scenario is the TFSA is there for it all emergency, short, medium, or long term it can be utilized for them all and can be switched as a person’s situation changes.  The only hitch is paying attention to your withdrawal and contributions to not overstep in over contributing.

Quite possibly the best thing about the TFSA is the gains you make within it are tax free so literally every cent you gain after applicable commissions and fees is yours to spend as you want!!  There are so many scenarios the TFSA can be used to help with finances and saving for a goal and some of these will be discussed as well as which scenarios I have used it for myself.

That is it for this post next post I will get us caught up on my dividends throughout 2020 so far it has been a wild ride with the whole COVID-19 Pandemic and I will have at least one post reflecting my opinions and experience with it thus far.  At any rate I hope this post finds you all healthy and staying strong.

Till next time take care from GWF 🙂