Open a Tax Free Savings Account (TFSA) to save for anything you want – a car, a vacation, a wedding…  Most of us have a rainy day fund – for the unexpected things in life – a TFSA is the perfect account for this type of savings.  If you are 18 or older, you can contribute up to $5,000 per year. The funds can be withdrawn and re-contributed without tax penalty.  The contributions won’t lower your taxes but the income earned in the TFSA isn’t taxable either.  If you don’t have enough to put into the TFSA now, don’t worry, the unused room will be carried forward.