Share this page!

Toronto Star Profile picture
Twitter logo
Jan 24 • 7 tweets • 4 min read
What is a TFSA and how does it work?

In a new financial literacy series for the Star, we brought in money expert @jessi_moorhouse to #MakeItMakeSense and give us tips on how to approach TFSAs. torstar.co/5VXQ50HBhRS
While TFSAs can be used as a savings account, @jessi_moorhouse says it can also be utilized as an investment account to grow wealth or save for goals like a down payment for a home or retirement.
thestar.com/business/perso…
TFSAs are tax efficient and don’t provide any tax deductibles

This means unlike the Registered Retirement Savings Plan (RRSP) which is often bought with the intention to lower tax bills, money in a TFSA account can still sit and grow, without being taxed
thestar.com/business/perso…
Once you turn 18, you are eligible to open a TFSA. Moorhouse emphasizes to do it as soon as you can.
thestar.com/business/perso…
"Everyone gets the exact same TFSA dollar limit every year but depending on what your age is, some people will have way more (contribution) room and some people may have less," Moorhouse explains.
thestar.com/business/perso…
When it comes to deciding how much to contribute to a TFSA, Moorhouse says to first establish what the purpose of the account is, whether it be for a down payment, retirement or an emergency fund.
thestar.com/business/perso…
How much to contribute comes down to your particular goals and how people budget to see what they can afford to contribute.

Read this week's #MakeItMakeSense in full for more info and tips on TFSAs ⬇️
thestar.com/business/perso…

• • •

Missing some Tweet in this thread? You can try to force a refresh
　

Keep Current with Toronto Star

Toronto Star Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @TorontoStar

Toronto Star Profile picture
Jan 25
#StarInvestigation: Ontario government will investigate controversial contracts Metrolinx gave to a consulting firm whose director was a VP at the transit agency thestar.com/news/gta/2022/…
Meanwhile, the NDP says the public deserves answers about the “bizarre and disturbing arrangement” between Metrolinx and consultant Brian Guest.
thestar.com/news/gta/2022/…
A Star investigation revealed details of two contracts consultant firm Boxfish Infrastructure Group won from Metrolinx in 2019 and 2020. At the time, Brian Guest, a director at Boxfish, was assigned to vice president roles at the publicly funded agency.
thestar.com/news/gta/2022/… Image
Read 4 tweets
Toronto Star Profile picture
Jan 25
#BREAKING: B.C. First Nation finds 93 potential burial sites at former residential school thestar.com/news/canada/20…
The Williams Lake First Nation says its investigation uncovered stories of torture, rape, forcible confinement and exposure to extreme conditions, among other abuses. thestar.com/news/canada/20…
Chief Willie Sellars said religious officials, the federal government and RCMP misled the public about what was happening at the school. He accused authorities of engaging in the destruction of documents to cover up what was happening. thestar.com/news/canada/20…
Read 7 tweets
Toronto Star Profile picture
Jan 25
Groceries are in tighter supply — and certainly more expensive — than they were before the pandemic. So what's causing the shortages?

Here are five myths debunked about empty shelves. Story by @jacoblorinc:
thestar.com/business/2022/…
1) Neither the trucker convoy nor the vaccine mandates are solely responsible for food disruptions; the sidelining of drivers isn't widespread enough to be primarily responsible. Still, some experts say the mandate could exacerbate an existing problem.
thestar.com/business/2022/… Image
2) A wide range of factors have contributed to food disruptions. Canadian grocery stores were facing supply constraints well before the trucker mandate, largely attributable to a mix of extreme weather, labour issues, COVID outbreaks and logistics.
thestar.com/business/2022/… Image
Read 6 tweets
Toronto Star Profile picture
Jan 25
Canadian singer-songwriter Neil Young accused Spotify of spreading fake information about vaccines, citing the immensely popular “Joe Rogan Experience” podcast.
thestar.com/entertainment/…
In a now-deleted letter sent to his manager and the co-chairman and chief operating officer of Warner Bros. Records, Young threatened to pull his extensive catalog from Spotify in protest of the spread of COVID-19 misinformation on the platform.
thestar.com/entertainment/… Image
"I am doing this because Spotify is spreading fake information about vaccines — potentially causing death to those who believe the disinformation being spread by them," Young wrote.
thestar.com/entertainment/…
Read 6 tweets
Toronto Star Profile picture
Jan 25
The hole Canada's Denis Shapovalov dug for himself with early erratic play in #AustralianOpen quarterfinal was too deep as he fell to Rafael Nadal seeking a record 21st major title.

@DamoSpin with the match analysis: thestar.com/sports/tennis/…
At the start, Shapovalov looked to be a thoroughly beaten player after losing the first two sets of the match against Spanish superstar Rafael Nadal.

He seemed out-of-sorts, serving poorly, volleying awkwardly, arguing with the chair umpire. thestar.com/sports/tennis/…
At one point, after more arguing between Shapovalov and the umpire, Nadal approached the net for a brief chat with Shapovalov, and seemed to be trying to calm the irritated Canadian.

Then, the game flipped.
thestar.com/sports/tennis/… Image
Read 7 tweets
Toronto Star Profile picture
Jan 25
Across Ontario, uncountable Whatsapp and Facebook groups sprouted in recent days, collections of parents contact-tracing on their own, as Ontario had given up on reporting COVID-19 outbreaks in schools to families this month. torstar.co/mIyj50HClHI
Efforts from these parent groups range from simple messages informing each other of their kids’ symptoms, to spreadsheets with rapid-test results, to full-on data visualizations.
thestar.com/news/gta/2022/… Image
“I feel like, as parents, any steps we can take to make school safer for kids, we want to take,” said Laura McIninch, who now runs a “makeshift” contact-tracing Whatsapp group.
thestar.com/news/gta/2022/…
Read 5 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!

Like this author's thread?

Get emails when @TorontoStar has new unrolls!

Check out other threads from @TorontoStar!

Read all threads by @TorontoStar

:(