With the February 29th RRSP contributions deadline fast approaching, many Canadians will be hoping for a tax refund and then wondering what to do with it. This is where discipline comes in. Forgo that instant gratification and put it into your TFSA, which is a 100% tax exempt account. If you don’t do RRSP contributions or have no room, then concentrate on a TFSA. Dismiss the thought that a TFSA is for short-term savings and instead think of it as a retirement wealth-building tool on par with the RRSP. The current cumulative maximum allowable contribution for TFSAs stands at $69,500.