TFSAs are registered savings plans that let you save your after-tax income and pay no further taxes on those funds or the investment returns. This will help you save money for short and long-term goals.
Why Contribute to your TFSA?
Contributions with after-tax dollars
Contributions not tax deductible
Earnings are tax sheltered
Withdrawals are not taxable
Withdrawal of funds increases contribution room for the following year of the withdrawal and for future years' use
You can contribute to your spouse/common-law partner’s TFSA transfer your TFSA to your spouse (tax free) upon death.