Tax-Free Savings Account (TFSA)
A Tax-Free Savings Account (TFSA) is a Canadian registered account. You put in money you have already paid tax on. Growth and withdrawals are generally tax-free, and you can use the money for more than retirement. That flexibility is why a first job is a good time to start one, even with small amounts. In the United States, a Roth IRA is the closest cousin: after-tax contributions and tax-free qualified withdrawals, though Roth accounts are built for retirement and have tighter withdrawal rules.
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