‘TFSA’ name leading Canadians astray

‘TFSA’ name leading Canadians astray

13 Comments
  • Stephen Duquette 2015-06-23 9:51:16 AM
    Well said by the other advisors! I have spent an inordinate amount of time explaining to clients and prospective clients that the TFSA is available to them and not only through a bank, but more importantly, that the various options for investment choices are no different than the investments that they have in their RRSP"s, non-registered investment accounts, RESP's etc. I would agree that a name change would help in dispelling some of this confusion and potentially misleading information about this type of account structure.
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  • Michael Clarke, CFP 2015-06-23 9:55:03 AM
    I agree that the name TFSA is misleading and doing a disservice to Canadians. I've been in this business since they were created, and I'm amazed that I still see countless people (typically dealing with a bank branch or PC financial or Tangerine) who do not understand these accounts and treat them like a savings/chequing account - moving money in and out on a frequent basis and basically having it parked in cash within it. If used correctly, its essentially our only tax sheltered investment vehicle, whereby over time, people can have socked away a large nest egg to be used in retirement - TAX FREE! I'm for calling it a Tax free Investment account, or something of that nature. Let's start a "TFIA" campaign.
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  • douglas swanson 2015-06-23 10:46:57 AM
    The banks have a great big edge in marketing this product due to the name. Again the majority of Canadians are so slow building up to accumulating wealth for future lifestyle. The banks are the first in line. We need a change to get the idea of accumulating capital into the average persons thinking, not saving.
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