Almost half of all Canadians have opened a tax-free savings account, according to a survey released last week by CIBC.
That’s a remarkable take-up considering that TFSAs haven’t even been around for four years. That’s the good news.
The bad news is that about half of those people aren’t actively contributing. According to the survey, 47 per cent have not put any money into the plan this year.
What’s more, a large number of TFSA holders — 41 per cent — say they have no clue what they will do with the money. Read More…