What happens to losses in a TFSA account? To MakeItMakeSense, The Star's madiwongg speaks to money expert jessi_moorhouse to break it down and more of our readers' burning questions.
#MakeItMakeSense is a weekly series from the Star that breaks down personal finance questions to help young Canadians gain more confidence and understanding around financial literacy.
Moorhouse says the only options people have are to either wait and see if that investment recovers in value, or sell the investment and use the proceeds to buy another investment that will grow in value inside your TFSA. Moorhouse also clears up another misconception: having your money at multiple institutions isn’t “diversification.”
“The best way to determine where you should put your money is by having a strong investment plan. What are your goals? What is the proper asset allocation for your portfolio? What investment strategy are you following ,” she said.
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