what is a tax free savings account 
a tax free savings account tfsa is a canadian savings account in which contributions interest earned dividends and capital gains grow tax free money withdrawn from it is also tax free the money deposited in tfsas is an after tax contribution meaning it s made with money that s already been taxed therefore it doesn t reduce taxable income while it s called a savings account a tfsa can hold investments that include mutual funds securities and bonds as well as cash this account is available to individuals age 18 and older in canada and can be used for any purpose 