You'll often hear condensation called a warming process, which can be confusing since condensation has to do with cooling. While condensation does cool the air inside of the air parcel, in order for that cooling to occur, that parcel must release heat into the surrounding environment.
A Tax-Free Savings Account (TFSA), is an account where you can save or invest up to $10,000 a year. 1 Unlike other types of savings, youâre not taxed on the income you earn.Itâs a great way to save for your short or long-term goals; because it lets your savings grow â tax-free. Tax-Free Savings Account (TFSA) is a registered savings account regulated by the federal government. Through a TFSA, you can put your savings into eligible investments and not pay tax on the investment income you earn.
Come take my savings poll to see what the average personal finance enthusiast saves a year. To clarify âsavings rate,â a 20% gross income savings rate on $100,000 = $20,000 in the bank for simplicityâs sake. The reality is that you are saving more than 20% if you calculate your after tax income since $100,000 gross is really only around $80,000 net of taxes.