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Tax-Free Savings Account
With a Tax-Free Savings Account (TFSA), you can set money aside in eligible investment vehicles without paying tax on income and gains earned within the TFSA. Eligible investments that you can place in your TFSA portfolio include cash deposits, GICs, mutual funds, stocks and bonds (similar to what's available for RRSPs).
You are able to withdraw funds from your TFSA any time and for any purpose without incurring tax, though restrictions may apply depending on the investments that are held in your TFSA.