Why a Tax-Free Savings Account may be the right account for you | Episode 40

15 million Canadians currently hold a Tax-Free Savings Account, but there are still many questions that investors, particularly those at the start of their careers, have about the account, its advantages, and its tax benefits. In this episode of FidelityNext, host Emily Anonuevo sits down with Fidelity tax and retirement expert Michelle Munro to talk about the Tax-Free Savings Account. Michelle is a 15-year Fidelity veteran, and travels across Canada to speak to financial advisors and investors about personal finance topics. Today, Michelle answers some common questions young investors have about the TFSA. When is the best time to open one? What types of investments can you hold in a TFSA? And how does the account compare to an RRSP, or the newly announced First Home Savings Account? Michelle also touches on the unique benefits of TFSAs for those at the start of their careers, and the impacts that the current state of the housing market, interest rates and inflation are having on the way people can use TFSAs to reach a place of financial security.