The TFSA initiative was initiated in 2009 to offer individuals aged 18 and above, with a valid social insurance number (SIN), an opportunity to save money without incurring taxes over their entire lifetime. Contributions made to a TFSA cannot be claimed as deductions for income tax.

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Any funds deposited and any profits accrued within the account, such as investment income and capital gains, are typically exempt from taxation, even upon withdrawal. It's important to note that administrative fees associated with a TFSA, as well as any interest paid on loans taken to make contributions to a TFSA, are not eligible for tax deductions.