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Stock impact report

6 Tricks of TFSA Millionaires [Yahoo! Finance Canada]

Toronto Dominion Bank (The) (TD) 
Last toronto dominion bank (the) earnings: 2/27 06:30 am Check Earnings Report
You might find this hard to believe, but the Tax-Free Savings Account (TFSA) has quietly created hundreds of Canadian millionaires since 2009. According to the Globe and Mail, the Canada Revenue Agency revealed that 352 Canadians had built TFSAs worth at least $1 million by October 2024. Two account holders even surpassed $40 million. So how did a handful of Canadians turn modest TFSA contributions into seven-figure fortunes? Here are the secrets of these TFSA millionaires. 1. Max out TFSA contribution limits early TFSA millionaires contribute the maximum amount allowed each year. For both 2025 and 2026, that limit is $7,000. The cumulative TFSA contribution limit since 2009 now sits at $109,000. The most successful investors don't scramble to contribute at year-end. Many even contribute on the very first day of January, giving their money 360-plus days to compound tax-free. 2. Treat the TFSA as a growth engine Despite its name, the TFSA was never designed to hold cash. Y Show less Read more
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