A TFSA is a registered savings plan that allows you to earn investment income tax-free inside the plan. Contributions to the plan are not tax-deductible and withdrawals of contributions you made, and earnings on the plan, assuming you follow the rules, are not taxable.

A type of savings account that grows tax-free. You can save or invest up to a maximum of $5,000 per person, per year in TFSA without paying tax on the interest the money earns in the account. Withdrawals from this type of account are also tax-free.

an investment account that allows all growth and income to accumulate tax-tree. Contributions receive no tax deduction but all withdrawals can be made tax-free.