Quote:
Originally Posted by Michael G.
High interest return is finally showing come back and nice to see.
I just wish we could accumulate some interest without the taxes.
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I felt the same and asked the Canadian government's Financial Minister to give us a way to save money without it being taxed and it lead to Canadians getting TFSA accounts (Tax Free Savings Account). We can invest up to $6000 per year whichever way we prefer, i.e. cash, bonds, stocks etc... and the interest isn't taxed. When some money is taken out (tax free), that extra amount can be reinvested at a later date since the yearly maximum is accumulative, no matter how much you put in any given year. Along with our RRSP accounts which is a deferred tax account, we have great ways to manage our cash in Canada.