HISA Or TFSA?

HISA Or TFSA? 1

So like I said above, TFSA is a tax label just, meaning the government won’t tax anything that’s TFSA accounts. TFSA itself is not an account. You can have TFSA investment accounts, TFSA brokerage accounts, TFSA high interest savings accounts, and so forth and so forth. For daily savings, just place it in a HISA, for just about any money you are not looking to touch for a while, place it in the TFSA HISA accounts.

Personally, I would recommend you look somewhere else than EQ Bank or investment company, like the other ones I mentioned instead as you can have that money at one institution which may make it easier so that you can manage your accounts. Unfortunately, EQ Bank or investment company doesn’t support authorized accounts like TFSA, or RRSPs, they don’t really support joint accounts either, EQ Bank or investment company accounts are very limited in efficiency in this manner.

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