TFSA Tax Free Savings Account a saving tool implemented by Harper Government. It is a very good saving tool if you have cash available to put away. Banks give good interests rates on this account, and if you do end up making money in investments you do not have to pay taxes. It is a money you can take out at any time without penalties, but don't. TFSA is not a retirement savings account but it can be one. Treat it as one.
If you don't need to use your RRSP allowance because you don't need to, put that money away into this account. Check with your bank. All banks will let you set up this account. Set this account for your children, because with time their savings can accumulate; and remember you don't pay any tax on any earnings. Your limit to save in your TFSA is $5,500 per year. The current Liberal government was against this TFSA tool and did not raise the limit to $10,000 as previous government did. They in fact cancelled it. But the $5,500 TFSA investment per year is still a good investment to make. Remember, that money is after TAX money and you don't have to pay any tax on your investment. Start saving now.