Tuesday, February 26, 2008
Although many have criticized the 2008 federal budget as boring and offering little of interest to taxpayers, I would argue that it is those very characteristics that makes it prudent especially considering the current economic environment. However, one exciting piece of the budget that was missed by many, but not by my favorite personal finance columnist, Rob Carrick at the Globe and Mail, is what is being called a TFSA or tax free savings account. It is like an RRSP for savings outside of retirement. For the breakdown of what it means and how it works, check out Canadian Capitalist and the article by Mr. Carrick.