The TFSA is the favourite investment account choice for Canadians, according to the Manulife Investor Sentiment Index. It’s been the top choice since the Index began tracking it in December 2010.
Read: When to avoid RRSPs
Prior to the introduction of TFSAs, RRSPs were the most popular for the 15 years Manulife’s been publishing the Index.
According to the Department of Finance, only three years after its introduction the TFSA approached the RRSP in terms of contribution flow, even though TFSAs are drawn from after-tax dollars.
The Index shows savings vehicle preferences are ranked as follows: TFSAs, RRSPs, RESPs, mutual funds and segregated funds.
The index also shows that Canadians view investing in their own homes (58%) and paying down debt (29%) are their top financial priorities.