Created in 2009, TFSA, a special savings vehicle introduced by the Government of Canada, is considered a unique way to accumulate savings and earn tax-free investment income. You can use your TFSA account to save for any goal you have in life in the future whether it is for your retirement, for your wedding, for buying your first home and etc. Canadian reached to the age of majority in your province, have a valid SIN and have paid tax will be eligible to have a TFSA account and can start contributing to it. As of January 2020, annually, you can contribute $6000 in your TFSA plus any un-used contribution amount you may have accumulated over the years.