TFSA

The Tax-Free Savings Account (TFSA) program began in 2009. It is a way for individuals who are 18 and older and who have a valid social insurance number (SIN) to set money aside tax-free throughout their lifetime. Contributions to a TFSA are not deductible for income tax purposes.

They can be the ideal investment vehicle if you have a fixed-term savings goal like saving for a down payment. Plus, they generally offer a rate of return that's higher than most high-interest savings accounts.

Contributions to TFSAs earn interest like a regular savings account. TFSA contributions may also grow if you invest through your account as well as your investments perform. Although you don't get a tax break when you contribute, you won't pay any taxes on earned interest or investment gains in a TFSA.

How to become a millionaire with a TFSA?

The following are some TFSA tips for becoming a Canadian millionaire.

Harness the power of compounding. Since all contributions, interest, dividends, and capital gains are tax-free, harness the power of compounding in your TFSA.
Earn tax-free quarterly dividends.
Earn tax-free monthly dividends.
Start young

if you have a very long time horizon (20 years or more) you could utilize your TFSA to become a millionaire

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