Hi everyone, I wanted to see if anyone saw or would like to see the option to be able to use Neo for a Tax free savings account ( CELI in Quebec) which personally they should have call it a Tax free investing account.
First, Neo does offer TFSA under the Neo Invest banner through their partnership with OneVest.
I agree the government should have called it a Tax Free Investment Account. Had they done that, I would wager that far fewer people would have wasted the potential of their TFSA on safe, low growth “savings”.
But this isn’t new, the Registered Retirement Savings Plan (RRSP) also has this same “problem”. Luckily, it seems most people figured out their retirement funds should to be invested. Which is good for both the investors who benefit from the long term growth and the government as the larger withdrawals in retirement result in higher tax revenue.