A TFSA is an account that you can obtain with almost any bank that allows you to store your savings tax free. Although adding money to this account is not tax deductible, it is usually tax exempt on withdrawal. A TFSA is a great place to store your savings until you can gain enough to invest in something that can provide you with a greater return.  Remember that unlike other investments you will not be taxed on the income you receive from the amount of money you take out or the interest that was earned in the account.