Tax Free Saving accounts

Who here uses them, and what do you use? Mutual funds, Direct stocks, GIC or whatever. I'm looking for some input on where on a scale you think your decision to use one is in your opinion.
I'm weighing my options on where to invest a lump sum of money this spring.
I have one opened but its only got a few hundrew dollars in to keep the account open now. I know a decent amount about them already, but with real estate, direct investing stocks, and RRSP, where do you rate their importance to you?

 

Isn't the TFSA limited to a $5000 deposit per year ?

 

Sort of. It's a max of $5,000 each year cumulative. So if you only put a bit in each month, after 2 years, your cap is increased to $10,000, etc

 

No its definitally capped at 5000 a year. Only once too. If you take it out you need to wait for the next calender year to put it back

 

Yes but at a good 6-7% return if you add 5000 a year that grows quite fast. Its a good tool to use for anything I think or keep it till you retire and retire 5-10 years earlier using those funds before your RRSP/Pension

 

Oh ya , definitely a good addition to RRSP's