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Half of Canadians are unsure what they can hold in a TFSA, finds a CIBC poll.

Despite their lack of knowledge, the majority (80%) have never talked to an advisor about how to make the most of their TFSAs, with half admitting they need advice.

Read: TFSA: Not always a simple decision

The poll shows the majority of Canadians still view TFSAs largely as savings accounts, with only a small percentage able to accurately identify mutual funds (29%), GICs (28%), bonds (23%) or stocks (22%) as being investment options for TFSAs.

Many are also confused about TFSA contribution rules, with 38% saying they don’t know what happens to unused TFSA contribution room; 13% think unused contribution room is lost after the current tax year, when in fact it is carried forward and accumulates over the years.

Also read:

Do clients understand TFSAs? 5 things to ask

TFSA designations may cause estate problems

Originally published on Advisor.ca

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