RE:RE:Getting my TFSA account tomorrow!For those of us with RRIF's the TFSA allows us to keep money sheltered that would otherwise be taxed.
The TFSA investments should be of medium risk as all gains remain in the acount to be further invested.
My TFSA is now worth $120,000.
The other very important part of TFSA's is for estate planning as they can have designated benificeries and not just your spouse. Also very important to do this when you set up your acount.
You can have a primary and then secondary benificeries so your wife would get it if she is still alive.
This means your TFSA is not part of your estate and can go to your benificeries tax free, however the balance will start being taxable on your death. It also means they will get this money immediatly and it is not used to cover any liabilities your estate may have.