The Wealth Room

The tax-free savings account: a must in your portfolio

FEATURES AND BENEFITS OF THE TAX FREE SAVINGS ACCOUNT (TFSA)     The Tax Free Savings Account (TFSA) is a simple savings facility for you to use when saving over a medium to long-term. The growth that you will experience in the plan is completely tax free, which means large returns for you at the end of the day. The TFSA plan allows you to save and it offers peace of mind, because you can access your money at any time (subject to a few rules). However, the point of the TFSA is not to be accessed on a monthly (or even annual/short-term basis). Instead, it allows you to save for medium to long-term goals. You have the flexibility to withdraw from a TFSA at any time. However, if you withdraw, it will count against your yearly (R30 000) and lifetime con