TFSA

The Tax-Free Savings Account (TFSA) program began in 2009. It is a way for individuals who are 18 and older and who have a valid social insurance number to set money aside tax-free throughout their lifetime. TFSA is a registered plan that gives you tax advantages. This is not like the other types of saving plans, this does not give you taxes on the income you earn. This is actually a really great way to save for short term or long term because it allows your savings to grow-tax free.
The benefits of TFSA:
1.Tax-free growth; you don’t have to pay taxes on the income you earn in your TFSA plan, this helps you build your savings faster.
2. TFSA allows you to contribute up to $5,500 per year.
3. Your withdrawals are tax-free; you don’t really have to pay the tax fee when withdrawing.