TFSA - regular savings account or tracked?

Hi, Newbie here

I currently have my TFSA  set up as a regular savings account but I treat it the same way i would my RRSP ... i do not touch it; it will gather interest and I will use it for retirement or ENORMOUS emergencies should the need arise. It is still quite small but i have faithfully not touched it in about 3 years...YAY me!

Is it best to leave it as a regular savings account or should i change it to a tracked account?

Money flows into it in small doses every month but as i said NOTHING flows out. At the moment it LOOKS like i have all this $$ but really i dont (or at least in my mind that money DOES NOT EXIST FOR USE). 


What is the "best practice" for this type of account?




for the non canadians some definitions:

TFSA - Tax Free Savings Account

RRSP - registered retirement savings plan

5replies Oldest first
  • Oldest first
  • Newest first
  • Active threads
  • Popular
  • If your are treating it like a retirement savings account, just set it as a tracking account.  It you do have an emergency where you need it, transfer it in as income and budget it to where you need it.  It will show up as income from that account in the report tools so you can see how much was taken out.

      • adriana01
      • adriana01
      • 1 yr ago
      • Reported - view

      Tardigrade that's how I am treating my HSA account. It's easier (since I don't spend from it regularly) to set it up as a tracking account than to match it to a category balance

  • THANKS Tardigrade ! now is there a simple way to convert the "savings" to a tracking account? or it is easier to delete the account and start over?

      • CDN knitter
      • Lavender_Chef.6
      • 1 yr ago
      • 1
      • Reported - view

      Eaglegrl OOO forget it. Figured it out. started new account and then "closed" and transferred the balance. :)

      Like 1
  • I wouldn't have it in YNAB at all. All a tracking account does it show you the balance, and you can always look at your statement for that. A tracking account also has to be maintained/reconciled, so additional work for zero gain (as I see it).

    Like 1
Like Follow
  • 1 yr agoLast active
  • 5Replies
  • 256Views
  • 4 Following