Over eleven million canadians now have a tax free savings account this is from a population base of about twenty two million citizens that are between the age of 20 to 65 this tells us that about half of all canadians between the ages of 20 and 65 have a tfsa. The tfsa is your best bet for creating immediate tax free dollars a tfsa is a special government registered account that lets any investments held within it accumulate tax free in addition withdrawals from the account are also completely tax free. Tfsas are your ticket to a tax free 1 million a small number of investing pros have already built tax free savings accounts worth roughly 1 million but the tfsa program is too new for the average investor to be anywhere near that. Former trader amasses 125 million in his tfsa now the taxman wants to know how he made his seven figures in his tfsa with a series of longshots on penny stocks and warrants but now he has to fight the canada revenue agency for his tax free savings. Try your hand at building tax free million dollar savings with the globes tfsa calculator first fill out three fields the number of years you plan to contribute your expected rate of return and the dollar amount youre starting with
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