0.8% TFSA or 4% taxed?

[layla65]

im new to Canada and the taxing is confusing.

I store away about 2000 a month into a TFSA account right which pays 0.8percent interest.

I also have the Wealthsimple cash account which pays out 4 percent but taxed.

Assuming iam consistent with the 2k saving for 12 month.. which is better?

 

[heathermj]

@layla65 Make sure you arent over contributing to your TFSA. $2,000/month is a lot for a newcomer.

 

[layla65]

@heathermj ive never contributed for the 2 years ive been here. I am checking. thanks for advice tho

 

[lightofredemption]

@layla65 Why would you have a TFSA that pays such terrible interest? You should change that ASSP

 

[layla65]

@lightofredemption i just opened one from the main bank i use.
which is Tangerine

 

[lightofredemption]

@layla65 TFSA is simply a vessel that you can put investments in. You could buy crypto or tesla stocks or ETFs or GICs. Get something better in that TFSA or open one elsewhere!