What it is it?

This is a new type of savings account announced by the federal government.
Starting January 2009, a person at least 18 years of age and having a Canadian Social Insurance Number (SIN) can open a TFSA account and invest a maximum of 5000 dollars a year.
The income derived (such as interest and capital gains) from the account will not be taxed. But investment into the account will not be tax deductible.