Hoov,

That was probably the single most impactful post I have read to date. For some reason I was scared to read the TFSA website for 10 minutes for fear of it being equivalent to watching paint dry.

I am such an idiot - and I highly doubt I am the only one.

I opened a TFSA account last year and threw a BS investment in it with a broker friend. It's been sitting there, and I made 50% since March. Yipeee. I think the S&P500 made 50% since March.

What you have suggested - and on a forum for people who trade stocks on a regular basis - is that if used properly this TFSA is the greatest tax saving tool in our lifetimes. Correct?

We can deposit up to $5000 per year. Every year. Anytime that $5000 investment grows inside the TFSA it increases the size of your TFSA...forever!

For example. Brattymack buys $5000 worth of some penny stock at .02 and it goes to $1 within the year. I can take that entire amount out (250k) and not pay a lick of tax. Brattymack leaves his wife and kids for a week and goes Tiger Woods in Vegas... I mean uh...goes golfing in South Carolina with his university buddies. My TFSA can now hold up to $250,000 that I can utilize for many other future investments and never pay tax or capital gains on.

If Brattymack did that in his regular account he would pay about $60,000 in capital gains taxes and he would go to Disneyworld and ride the Teacup Party ride instead.

So the moral of the story is this...I think. The TFSA could be outstanding for someone who plays highly speculative stocks (like NOT) because for a relatively small amount you could have a significant impact on future capital gains and tax implications.

I'm sorry if this appears OT or if you are already a master of the TFSA. It has just occurred to me how important this tool is for Canadians. This is a gift-horse and I have kicked it in the mouth now for the past 10 months.

After reading your post Hoov I went to my TD Webbroker website and applied for another TFSA (Tax Free Savings Account). Took about 12 minutes. I'm going to start to use this tool properly now.

Not sure how I will coordinate this with my other existing TFSA account but I realize that I need to have more control and take advantage of it.

Thanks Hoov.

And sorry for long windedness and ramblings. I feel this TFSA needs to be bred amongst us all....my family and friends will be getting lectures from me over the holidays.

And yes...50 bagger stocks are as about as likely as me going Tiger Woods in Vegas but a guy can dream can't he??

B