Image source: Getty Images Canadians can reach their savings goal faster through the Tax-Free Savings Account (TFSA). Unlike RRSPs, contributions to your TFSA are not tax-deductible like the Registered Retirement Saving Plan (RRSP) contributions. You can maintain the account for life and not close it on your 71st birthday. The best part of all is the tax-free growth of investment income and capital gains from qualified investments inside a TFSA. Your withdrawals are also tax-exempt and will not result in lost contribution room for a user. There’s no minimum or maximum income level to open a TFSA as long as you’re 18 years old beginning 2009.