Originally Posted by Newspaperguy

Yesterday, I opened a tax-free savings account. This is something which can be set up at any bank or financial institution in Canada. One can contribute up to $5,500 a year to this account and one can have term deposits within it if desired. As with other money-saving measures, I plan to put money into this account and then leave it there. If I need to withdraw at a later date, the tax-free savings account offers considerably more flexibility than a Registered Retirement Savings Plan.