Half of Canadians are unsure what they can hold in a TFSA, finds a CIBC poll.
Despite their lack of knowledge, the majority (80%) have never talked to an advisor about how to make the most of their TFSAs, with half admitting they need advice.
Read: TFSA: Not always a simple decision
The poll shows the majority of Canadians still view TFSAs largely as savings accounts, with only a small percentage able to accurately identify mutual funds (29%), GICs (28%), bonds (23%) or stocks (22%) as being investment options for TFSAs.
Many are also confused about TFSA contribution rules, with 38% saying they don’t know what happens to unused TFSA contribution room; 13% think unused contribution room is lost after the current tax year, when in fact it is carried forward and accumulates over the years.
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