Tax Free Savings Accounts were introduced in 2009 by the Government of Canada as a means for Canadians to earn investment income in a tax sheltered environment. Canadians who are at least 18 years old are able to invest in a TFSA. This year, you can save up to $6,000, and any unused contribution room is carried forward to the next year, without limit.

Investment income earned, including capital gains, will not be taxed even when the money is withdrawn. Withdrawn funds become available as contribution room the following year. There is no maximum age limit to hold or open a TFSA.

More information about Tax Free Savings Accounts is also available on the Canada Revenue Agency's TFSA website.