Five lesser-known facts about TFSAs advisors should discuss with investors Brenda Bouw Published February 24, 2021 KalebKroetsch/iStockPhoto / Getty Images The tax-free savings account (TFSA) has been around for more than a decade, but advisors should still be talking to clients about the pros and cons of the investment vehicle and how it can best be used to achieve their financial goals. A recent Bank of Montreal survey shows many Canadians aren’t maximizing the benefits of a TFSA as 38 per cent said cash was the primary investment in their TFSA, treating it more like a piggy bank, followed by mutual funds at 23 per cent and stocks at 18 per cent.