In this episode of the Retirement IQ Podcast, host John Stregger breaks down one of the most misunderstood tools in retirement planning: the Tax-Free Savings Account (TFSA). While TFSAs offer tax-free growth and flexibility, John explains that many Canadians make common mistakes that reduce their long-term value.

John begins with a simple overview of how TFSAs work, including how contribution room accumulates, how unused room carries forward for life, and why TFSA withdrawals don’t affect income-tested benefits like Old Age Security.

The episode then explores the four biggest TFSA pitfalls: using a TFSA as a basic savings account instead of an investment, choosing a TFSA over an RRSP when RRSPs may offer greater tax advantages, over-contributing and triggering penalties, and failing to properly name beneficiaries or a successor holder.

With clear guidance and practical insight, this episode shows how smarter TFSA planning can help build tax-free wealth and strengthen your overall retirement income plan.