Helping Canadians build & protect their legacy | TFSA, RRSP, FHSA | Long Term Investing | Education | NFA
Ontario, Canada
Joined February 2026
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Erik | Legacy Path 🇨🇦 retweeted
My opinion for beginner investors 🇨🇦
If you’re just getting started, I wouldn’t recommend jumping straight into individual stocks.
I’d focus on building a strong foundation with low-cost, diversified index funds first.
You don’t need to find the next big winner to build long-term wealth.
Learn the basics, invest consistently, and let compounding work over time.
Individual stocks can come later.
Erik | Legacy Path 🇨🇦 retweeted
Convince the young people in your life to go open and contribute to FHSA!
Forget maxxing it, just opening it creates the $8k annual capacity start accumulating towards the $40k cap.
AND it rolls over into RRSP if never used, no brainer.
A Canadian couple maxing both FHSAs for 5 years. 🇨🇦
Here's what they could walk away with:
$8,000/year each. $16,000/year combined. Invested at 8%. (assuming 40% marginal tax rate)
After 5 years:
→ ~$98,000 in combined FHSA balances
→ ~$32,000 in combined tax refunds
→ Tax free withdrawal for the down payment
Total: ~$130,000 toward their first home.
On $80,000 of combined contributions.
Tax refunds + growth added ~$50,000.
The most powerful first home strategy available to Canadians.
Are both of yours open?
Erik | Legacy Path 🇨🇦 retweeted
Most Canadians don't know this about their TFSA. 🇨🇦
The successor holder designation is not the same as a beneficiary.
Successor holder:
- transfers the entire TFSA to your spouse completely intact. Contribution room preserved. Account continues. CRA gets nothing.
Beneficiary:
- receives the money. The account closes. The contribution room is gone forever.
Same form. One word difference.
On a $200,000 TFSA that one word could be worth hundreds of thousands in future tax free growth.
Check your TFSA designation tonight.
Is your spouse listed as successor holder or beneficiary?
Erik | Legacy Path 🇨🇦 retweeted
Canadians in their 40s with an average TFSA balance of $20,000 and RRSP of $82,000 realizing they need at least $1.7M to retire comfortably.
Erik | Legacy Path 🇨🇦 retweeted
Beginner investors 🇨🇦
You don’t need a massive portfolio to start building wealth.
Invest $100/week at an average 8% annual return:
10 years → ~$79,000
20 years → ~$257,000
30 years → ~$644,000
The lesson?
Start with what you can.
Keep adding.
Give compounding time to work.
Consistency can turn small beginnings into something big.
Get started!
Erik | Legacy Path 🇨🇦 retweeted
Canadians say they need ~$1.5M to retire.
CRA data shows the average TFSA is worth just $38,566. The average holder has $52,735 of unused room. Only 9% of TFSA holders had fully used their available room in 2024.
The retirement gap isn’t theoretical. It’s already enormous.
And the best account available to get to that $1.5M? Essentially unused.
Erik | Legacy Path 🇨🇦 retweeted
This is what can happen with only $300/month invested. Imagine if you started with $300/month and every 10 years increased that amount. Hmmmmmm
Erik | Legacy Path 🇨🇦 retweeted
Biggest TFSA mistakes Canadians make:
• Leaving cash sitting for years
• Treating it like a regular savings account
• Withdrawing without understanding contribution room
• Day trading like it's a casino
• Waiting for the "perfect" time to invest
Your TFSA is one of the best wealth tools Canada offers.
Max it. Invest it. Leave it alone.
Erik | Legacy Path 🇨🇦 retweeted
TFSA CHEAT SHEET FOR 🇨🇦:
Best used for:
Long-term growth
US/global equities
High expected return assets
Tax-free compounding
Bad use:
Vacation savings
Cash at 2%
Panic selling
Random dividend chasing
The TFSA is not a savings account.
It’s a tax-free wealth machine with a terrible name.
Erik | Legacy Path 🇨🇦 retweeted
You and your boys in 25 years after maxing your annual TFSA contributions since 2009
Erik | Legacy Path 🇨🇦 retweeted
Me trying to be patient waiting for the TSX to open tomorrow
Impossible
Erik | Legacy Path 🇨🇦 retweeted
The smartest thing a Canadian couple can do financially:
Both max their TFSAs.
$7,000 each. $14,000/year combined.
Invested in a simple index fund.
At 8% average return from age 25.
By 65 ≈ $4,200,000 combined.
Tax free.
Two people. One plan. Generational wealth.
Erik | Legacy Path 🇨🇦 retweeted
$1,000,000.
In a TFSA. On an average Canadian salary.
Not a fantasy. Not a lucky break.
$400 a month. Invested at 8%. Starting at 28.
By 65 its $1,010,000.
Tax free.
CRA gets nothing.
Your family gets everything.
$400 a month.
Erik | Legacy Path 🇨🇦 retweeted
Amazing that this example ($400/month, $4,800/year) isn’t even the maximum annual contribution. Stretch that example to $7,000/year and the compounding becomes even more powerful.
Max out your TFSA, invest it in growth assets.
Erik | Legacy Path 🇨🇦 retweeted
When you realize $1/day invested from age 18 becomes $197,000 by retirement
Erik | Legacy Path 🇨🇦 retweeted
51% of Canadians don’t have a will.
Which means 51% have let the government decide what happens to everything they built