Tax Free Savings Account -Go open one!!

[Reef_Geek]

oh man, I'm just cracking up thinking about that second post.

So it's been a few years now since the government implemented this TFSA tool to encourage Canadians to save, and in just a few weeks for this new year, we get the new allowance which is also going up to $5500 (instead of $5000/yr).

So if you have not opened one of these... you have accrued your prior years of contribution room and can put $20,500 of investments into this status and all earnings within this contribution allowance is absolutely not taxable. Huge. This TFSA along with RRSP are two tools that are highly under-utilized by a significant percentage of Canadians... yet they are two very effective tools to protect our assets from The Man.

So curious, for those using TFSA, what are you going to do with your next year's contribution?

Are you braving equities? Do you think fixed income focused instruments are going to crash a little? What about this outlook with the US Economic Fiscal Cliff?