A Tax-Free Savings Account (TFSA) is a great way to invest for tax-free income when you're no longer able to save in a Registered Retirement Savings Plan (RRSP).

• You don't need to earn any income to contribute and you don't have to stop adding to it at a certain age.

• Unlike RRIF withdrawals, TFSA withdrawals are tax-free. If you have non-registered accounts, you may be able to move some of these funds into a TFSA and reduce your taxable income.

• Income you earn in your TFSA and withdrawals from it do not affect your eligibility for government benefits, including Old Age Security (OAS) and the Guaranteed Income Supplement, or tax credits such as the Age Credit.