Your tax-free savings account is an ideal to exploit the opportunities ahead. TFSAs offer the supremely attractive benefit of allowing you to generate gains and then withdraw your money without paying any tax. The flexibility of TFSAs allows you to use up the $6,000 in contribution room for 2022 in the few remaining trading days this year, or carry it forward to next year and beyond. The contribution limit for 2023 is $6,500.
Rising interest rates were bad for stocks and bonds in 2022, but they pushed up returns from low-risk guaranteed investment certificates. The tax hit on GICs held in non-registered accounts is harsh because interest is treated as regular income. In a TFSA, you keep all your GIC income. Don’t delay if you want a GIC yielding 5 per cent.
Tell me your publication is irrelevant to most of the public without directly telling me that.