Until 2009, many Canadians held their savings in RRSPs, where they could claim a deduction for their contributions and then defer tax on withdrawals until retirement. Starting January 1, 2009, an additional savings vehicle called a Tax-Free Savings Account (TFSA) became available to Canadians.

A Tax-Free Savings Account is a flexible, registered general-purpose savings vehicle that allows Canadians to earn tax-free investment income to help meet their savings goals. A TFSA complements existing registered plans such as a Registered Pension Plan (RPP) or a Registered Retirement Savings Plan (RRSP).

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