Six personal finance reasons to be thankful on Canada 15

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By Rob Carrick

But Canada’s 150th birthday is an ideal opportunity to consider our good fortune in living in this country. In the personal-finance realm, here are six things to be thankful for as Canadians.

The tax-free savings account

All Canadians can unite behind the TFSA, which is brilliantly simple and helpful to all. Millennials can use TFSAs to save for near to medium-term goals such as travel and home buying, and Gen Xers and boomers can use them along with registered retirement savings plans to save for retirement.

Once in retirement, TFSAs allow you to generate a steady flow of tax-free income that won’t trigger clawbacks of a pair of income-tested benefits, Old Age Security and the Guaranteed Income Supplement. The annual contribution limits on TFSAs mean they won’t satisfy all of the savings needs for many people. But TFSAs, introduced in 2009, are already this country’s favourite savings vehicle. Sorry, RRSPs.

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