Canada Revenue Agency Tracks TFSA Holdings Amid Investment Push
1 report, 1 independent
Updated 00:00
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What happened
The Canada Revenue Agency reported that Canadians held approximately $745 billion in Tax-Free Savings Accounts (TFSAs) in 2024. A report cited in The Globe and Mail noted that a 2024 BMO study found about half of TFSA holders were keeping cash rather than investing it. Wealthsimple chief executive Mike Katchen has advocated for renaming the account to the Tax-Free Investment Account (TFIA) to encourage greater investment.
From theglobeandmail.com
Why it matters
If half of the $745 billion in TFSAs were held as cash, that could represent $350 billion in potential savings missing out on higher investment returns. Mike Katchen has raised the proposal to rename the account with the Prime Minister’s Office.
From theglobeandmail.com
Who's involved
- Canada Revenue AgencyTracks holdings in Canada's Tax-Free Savings Accounts.
- GLOBEPublishes articles on Canadian financial matters.
- Government of CanadaThe Prime Minister's Office is the government body being approached regarding the name change.
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The entities involved
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Canada Revenue Agency
Canadian tax collection agency
- GLOBE