Take advantage of your TFSA
The Tax Free Savings Account (TFSA) was introduced in 2009. There has been some confusion about the rules, but once you have a good understanding, these accounts are a good way to save.
A recently released survey shows that only 47% of those polled have a Tax Free Savings Account (TFSA.) Out of that 47%, only half stated they have made a contribution this year. Evidence from other surveys conducted over the past few years suggests that the reason for the low level of participation stems from a lack of understanding regarding how the accounts actually work.
TFSAs were introduced in 2009 and allow savings contributions up to $5,000 per calendar year. The interest accumulated is tax-free and any unused contribution room is carried forward to the next calendar year. With the ability to invest your savings multiple ways, a TFSA is a perfect way to build a larger down payment when applying for a mortgage.