6 TFSA myths that could dampen tax savings

Canadians love their tax-free savings accounts (TFSA). Since its launch in 2009, more than 60 per cent of us have opened a TFSA.

And there’s good reason to love them. Gains on investments are never taxed…well, in most cases.

The myth that investment gains are never taxed is one of six popular TFSA myths that could dilute tax savings and even result in penalties from the Canada Revenue Agency (CRA). 

1. Investment gains are never taxed