A few years ago when TFSA‘s were a new and exciting thing, our friend Larry MacDonald did an article featuring me (and my son in the picture). The article discussed what TFSAs could be used for. The article was just after I had been laid off from Nortel.
At the time I thought that the TFSA was going to simply be another place to save for my retirement. At the time my RRSPs had no space left to add. As time has passed my opinion of what you can do with a TFSA has changed.
I am using the TFSA as a “safe haven” for middle term (3-5 years) savings. Money sitting in a standard savings account would only be taxed. Putting it into a TFSA shelters any possible growth with that money.
Yes, that is a real photo of me (many years ago), and if you read the article linked to it, you will learn my actual identity (and you will also get to read a very good article written by Larry MacDonald ).