Great article by Rob Carrick, Personal Finance Columnist, The Globe & Mail (published June 1, 2018)
TFSAs were launched in 2009, which means we’re well into our 10th year of having them available to build tax-free wealth.
Care to benchmark your TFSA to see how you’ve done over the first decade for this popular investing and savings vehicle? Globe reader T.J. Machado of Mississauga recently asked for help on this. “For someone who has been maximizing TFSA contributions since the onset and investing without hitting for the fences, what would be a reasonable balance?” he asked.
A quick answer to this question is $71,145 by year’s end. If you’re an aggressive investor, $88,311 is a reasonable amount to have at the end of the year. Using your tax-free savings account to hold your savings? Then $60,967 is a fair target.