investment planning

The Tax-Free Savings Account (TFSA) was introduced in the February 2008 Federal Budget and became available January 1, 2009. It is touted by the Government of Canada as "the single most important personal savings vehicle since the introduction of the Registered Retirement Savings Plan (RRSP)."

A bleak picture is painted by the findings of the second annual survey about "growing into retirement," commissioned by the Royal Bank of Canada (RBC). Most retirees' outlook has worsened in just one year, and the so-called "golden years" are beginning to look tarnished. Just one year ago, 39 per cent of Canadians expected to still have debt in retirement; more than half of those questioned now (54 per cent) think that they will not have paid off everything.