For you Canadians out there old enough to buy a pack of Marlboro lights or Jack Daniels Old No. 7 listen up. If you haven’t heard of – or taught yourself about - a TFSA then you’re going to regret it within 3 years.
Furthermore, if you haven’t done anything about it in the next 10 years then kiss a beautiful, tax-free nest egg and a middle finger to the tax man away.
The TFSA or the Tax Free Savings Account aka The Freeken Sweet Account is the single best instrument in the Great White North (and Wet West) to give you a chance to become wealthy. Sadly, many people will not use it. Others will try and fail to grasp the optimal uses of it.
There are two classes rapidly emerging this generation due, in part, to the tfsa: The Working Class and the Investing Class. You want to belong to the investing class so you can enjoy a glass of fine vino on a boat, looking at mountains and saying, "Ahhh, this is the life," in Spanish, French or even Bengalese.
Allow me to illustrate the TFSA, because they won’t teach you this properly in school.