The TFSA provides you with tax-free investment income and greater flexibility when it comes to making withdrawals. You can withdraw amounts without tax consequences, which makes it practical for saving up for a trip or renovations.
You can also hold different financial products in your TFSA, such as stocks, mutual funds or guaranteed investment certificates. With a medium- to long-term investment horizon, you can generally anticipate earning higher income compared to a simple savings account.
If you're interested in the TFSA, learn more about the TFSA with FlexiFonds.