A recent survey shows a knowledge gap exists as almost half the participants didn’t know that a TFSA can hold investments other than cash
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But the survey also finds a knowledge gap about TFSAs. Although almost three in four survey participants say they considered themselves knowledgeable about TFSAs, only 49 per cent were aware that the account can hold cash and other investments like stocks, bonds, mutual funds, or exchange-traded funds.
If the maximum contribution of $81,500 has been made and a client withdrew $20,000 in 2021, they must wait until 2022 before being able to put that $20,000 back into the TFSA. That’s in addition to the annual $6,000 contribution allowed for 2022. That’s why clients need to be careful about the investments they choose and when they withdraw funds, Ms. Ito says.
Yet, a balanced portfolio of stocks and bonds at that amount might have risen to about $125,000 by now. If the client had invested mainly in stocks, the TFSA might now be worth about $150,000.
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