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I’m really excited about the new Canadian tax-free savings account introduced in the most recent federal budget. I see this as an awesome opportunity for Canadians to save up for bigger purchases. Hopefully it will lessen our reliance on credit cards and while some say it is just for the rich, I think the opposite is true.

The “rich” won’t see as big of an advantage to put their money in one of these accounts as us regular folk. If I’m a middle class income earner, a larger part of my savings will be able to go into one of these bad boys. The rich will have a far larger portfolio and therefore, $5,000/year will be a paltry sum compared to the rest of their portfolio.

CTV Consumer alerts had a great piece on this today. Usually I find mid-day and evening newscasts to be really light fare. But this pretty much gave you everything you need to know about it, how it can benefit you and what you might use it for. Special note: I really like the scene where they say you can save for a boat and they show a boat pulling something only to reveal it’s two kids tubing about to smash into each other.

If you like this segment, check out the CTV Toronto Web site. You can view clips there too but you need Windows Media Player (why aren’t they using Flash?).

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