i noticed that i have what i consider a lot of money in my TFSA contribution room, but i have no idea what a tax free savings account even is, or what is meant by contribution room, or how i’ve accumulated that money. am i supposed to do anything with it? is there anything i should know? for context i’m a student in my mid-ish 20s
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If you can, fill up your TFSA and you can buy stocks. If you invest $10,000 and turn it into $100,000 you pay not tax. If you invest and lose it all you can’t claim any tax losses.
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