A TFSA and a Term Deposit are essentially the same thing.

Name: A TFSA and a Term Deposit are essentially the same thing.
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TFSA (Tax-Free Savings Account) and Term Deposit are not the same thing. A TFSA is a type of savings account where contributions and investment growth are tax-free, while a Term Deposit is a type of investment account with a fixed term and interest rate. The earnings from a Term Deposit may be subject to taxes.

A TFSA and a Term Deposit Are Essentially the Same