Canada Introduces Tax-Free Savings Account

[alan]

Great news for Canadian savers. The Canadian Federal Government has just passed legislation to let you save without paying tax on the interest you earn.
This means that soon all Canadians will be able to save up to $5,000 every year without being taxed on interest earned.

The new term coined for this is "Tax-Free Savings Account" (TFSA)

I wrote a blog posting about it over here which you can check out if you're curious to know some more details:

Canada Introduces Tax-Free Savings Account | Alan's Money Blog

[alan]

Quick update. I now know of two Canadian banks that will be offering this product come 2009. TD Canada Trust and Royal Bank of Canada (RBC). I'll add more as I come across.