How do tax-free savings accounts work?

Answer Tax-Free Savings Accounts were introduced in Canada as part of the 2008 Federal Budget. Residents of Canada who qualify can put funds into this account without having to pay taxes on interest earne... Read More »

Top Q&A For: How do tax-free savings accounts work

Tax-Free Savings Accounts Rules?

The Tax-Free Savings Account, or TFSA, is a savings option for Canadians that is similar to an Individual Retirement Account, or IRA, that is available in the United States. Put into effect in Janu... Read More »

Do escrow accounts need to be in savings accounts?

Escrow accounts are held by third parties and are designed for savings so that bills, such as taxes for mortgages, can be paid, according to Lenders determine whether or not borrowers mus... Read More »

The Best Savings Accounts for Kids?

Providing kids with age appropriate financial education and giving them opportunities to earn, spend, save and even invest their own money can set them up for a lifetime of sound money management a... Read More »

What is the difference between APY and APR in savings accounts?

A savings account allows you to save money over a long period of time. The longer you save, the more money you earn in interest. APY and APR help determine the amount of interest you can earn over ... Read More »