Your investing questions, our clear answers.

Our response:

Money held within a Tax-Free Savings Account (TFSA) can be held in cash, or invested in a variety of investments, such as GICs, mutual funds, stocks or ETFs.

There are tax considerations if you’re thinking of moving stocks to a TFSA and be aware, there are penalties for exceeding your contribution limit which you may check by using the CRA’s My Account or by calling the Tax Information Phone Service (TIPS).

It may be beneficial to speak with a registered financial representative for tailored advice.