The tax free saving account (TFSA) is an investment vehicle that enables you to build up your savings in a tax free environment regardless of your annual income levels.
The investment income earned in the TFSA is not taxable even when you make withdrawal and has no impact on other governmental benefits like GIS, OAS and CPP.
Through STARPLUS Insurance Agency you can open this account with the Life Insurance Company of your choice and earn good interest under Seg fund. The maximum contribution is $5000 annual for each family member age 18 and over and you can withdraw your money anytime without any penalty.
This account is good for emergency purpose or for any future expense or for any future expense like child marriage or down payment for the home.