Make 2022 a year you go big on contributions to TFSAs and RRSPs.

Freezing the TFSA cap limits the ability of people making maximum contributions every year to shelter additional savings and investments from tax. But only a minority of people would be affected, even among those with high incomes and middle-aged people in their peak earning years.

If you’ve ignored the TFSA up until now, don’t worry because you’re not alone. Many Canadians give it a pass because they think it’s just meant for savings. They also tend to believe that they can’t get a good return with it and that it can only be used for high-interest savings or a GIC.