I can’t think of a better way than the chart below to illustrate the power of tax free savings accumulation.
If the maximum contribution to a TFSA (Tax Free Savings Account) has been saved since its inception in 2009, one can expect to have almost $42,700 by the end of 2015! This is assuming only a 4% rate of return. If the investments in the TFSA yield a higher return, the accumulation would be even higher.
Brilliant!!!
