Tax-free savings accounts are generally considered ideal for investors who wish to achieve capital growth over longer-term investment horizons. Consequently, many individuals who plan to send their children to university in the long term consider making use of this investment product to address this goal.
Consider the following example of the significant tax savings investors can benefit from by utilising TFSAs for long term investments: From a purely financial point of view, the benefits of using tax-free savings accounts for saving for long-term investment goals, like savings for children’s tertiary education, is quite clear. There are however several additional important considerations that one needs to be cognizant of:
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