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Beyond Savings: The Power of the TFSA

Your TFSA can hold far more than cash. Learn what to invest in, how to avoid CRA over-contribution penalties, when to time withdrawals, and how it compares to an RRSP and FHSA.

Despite the name, a Tax-Free Savings Account (TFSA) doesn't have to hold only savings. It can hold investments such as ETFs, stocks, bonds, and GICs, and any growth and withdrawals are tax-free. If you've been eligible since the TFSA started in 2009, your total contribution room reaches $109,000 in 2026. Keeping that room in a low-interest cash account could mean missing years of tax-free growth.

In this practical, beginner-friendly session, you'll learn:

• What you can hold in a TFSA and how to pick the right mix for your goals and timeline
• How contribution room works, including why re-contributing a withdrawal in the same year can trigger a 1%-per-month CRA penalty
• How to time withdrawals, and why taking money out in December instead of January can get your room back sooner
• TFSA, RRSP or FHSA: how to decide where your next dollar should go
• Whether you have $500 or $50,000 saved, you'll leave knowing how to make your TFSA work harder for you.

This session is educational and does not provide personalized financial advice.

This program is conducted through Zoom.  Register to receive a reminder, the evaluation and any resource materials.

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Part of RPL's commitment to supporting financial literacy and economic development in Regina. If you have any questions about our Business, Personal Finance or Careers programs, please contact Tim at 306-777-6013 or txie@reginalibrary.ca      

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