The Tax-Free Savings Account (TFSA) program was introduced in 2009 and is quickly becoming popular with individuals aged 18 or older with a valid social insurance number to set money aside throughout their lifetime. Contributions to a TFSA are not deductible for income tax purposes. However, what is significant about this account is any amount contributed as well as any income earned including interest, dividends or capital gains is generally tax-free, even when it is withdrawn. Administrative or other fees in relation to TFSA and any interest or money borrowed to contribute to a TFSA are not deductible. The TFSA is particularly well-suited for long-term investment strategies and should not be used for day trading. We recommend regular contribution and usage of the TFSA in conjunction with a diversified retirement portfolio strategy.