Free Talk Live

Since January 2009, Canadian residents have been eligible to open Tax-Free Savings Accounts (TFSAs). They work almost exactly like Roth IRAs: you contribute after-tax dollars, and all withdrawals are tax-free. All Canadians 18 and older can contribute up to $5,000 (Canadian) a year to a TFSA, and you can stuff it with a variety of investments: regular savings accounts, CDs (called GICs in Canada), and mutual funds.