Got $6,000 in TFSA Cash? Here’s How to Turn it Into $10,000 in 5 Years!

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If you’re like many Canadians who’ve yet to contribute their 2020 Tax-Free Savings Account (TFSA) contribution of $6,000, you’re not alone. The unprecedented COVID-19 crisis has left many on the sidelines. In just over two months’ time, you’ll have another $6,000 contribution to put to work.

And while the risk/reward is arguably unfavourable in this pandemic-plagued environment, it’s a good time to use your uninvested TFSA cash to invest in high-quality shares of wonderful businesses gradually on the way down, rather than just watching your cash pile collect dust in those so-called high-interest TFSA savings accounts.

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Original Article Source Credits:    The Motley Fool  , https://www.fool.ca/

Article Written By:  Joey Frenette 

Original Article Posted on:   October 26, 2020 

Link to Original Article:  https://www.fool.ca/2020/10/26/got-6000-in-tfsa-cash-heres-how-to-turn-it-into-10000-in-5-years/

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