Home Breadcrumb caret Industry News Breadcrumb caret Industry Breadcrumb caret Planning and Advice Breadcrumb caret Practice Most don’t have TFSAs More than half (53%) of Canadians still haven’t opened a TFSA, and 42% of this group don’t intend to open one this year, according to an ING DIRECT survey. By Staff | April 7, 2014 | Last updated on April 7, 2014 1 min read More than half (53%) of Canadians still haven’t opened a TFSA, and 42% of this group don’t intend to open one this year, according to an ING DIRECT survey. Read: Faceoff: TFSA vs RRSP Fifty-two percent of those who still don’t have a TFSA cite not having money to contribute as the main reason. The survey also found: 31% admit they still don’t understand how TFSAs work. 38% are unsure about the current annual contribution limit. Retirement savings continue to be the main reason Canadians use TFSAs (46%). Within the younger (18-34 years) Canadian demographic, almost a third (31%) plan to use their TFSA for purchasing a home. Of the 47% of survey respondents who have opened a TFSA, nearly one in five (19%) are approaching the contribution limit. When looking at how Canadians are contributing, a lump sum deposit one to two times a year is most popular (52%), while 26% contribute to their TFSA on a monthly basis. Also read: More have TFSAs Top tax tips for clients: Golombek Staff The staff of Advisor.ca have been covering news for financial advisors since 1998. Save Stroke 1 Print Group 8 Share LI logo