Canadians: 3 Massive TFSA Mistakes You Could Be Making

Millennials may get blamed for a lot, and while there are certainly some things that can be put on our generation, not saving cash isn’t one of them. In fact, about half of millennials have at least some sort of savings set aside. But the main problem (and one I’ve written about before) is that nothing is being done with those savings.

Yet the problem goes further. Even for millennials who have set up a Tax-Free Savings Account (TFSA), there are a few common mistakes those investors are making that is setting them up for far lower returns. So let’s take a look at them.

No plan

While half of millennials might have cash set aside in savings, they may not have any type of plan for saving regularly. One pretty standard idea is to take a percentage of each paycheque and put it into your savings account. If you put

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