If you're 18-25 and living in Canada...
I'm begging you.
Open a TFSA this weekend.
It takes 10 minutes on Wealthsimple.
$250/month from age 22 ≈ $1,100,000 by 65.
Tax free.
You get a $500/month raise.
Option A:
New subscriptions. More dining out. New clothes.
Option B:
Automate it into TFSA.
$500/month at 8% from age 30
≈ $1,100,000 at 65. Tax free.
What option are you choosing?
What happens to an RESP if your child never goes to post-secondary?
You don't lose everything.
Here's what you can do:
✅ Transfer to a sibling's RESP
✅ Transfer up to $50,000 to your own RRSP if you have room
✅ Withdraw your contributions completely tax free
The government grants get returned.
Everything else stays with your family.
The worst case scenario is still pretty good.
The best case is $7,200 in free government money plus decades of tax sheltered growth.
There is no downside to opening one today.