What do I use the Tax-Free Savings Account (TFSA) for?

The TFSA was designed to help Canadians save even faster by letting you keep the interest earned instead of having to pay taxes on the amount. Interest earnings are taxable, but the interest earned in your TFSA account is all yours - not the Taxman's. And because it is flexible, it’s a great way to save not only for long-term goals like retirement, but also for short-term goals like the purchase of a car or down payment for a home.