In the last budget, the federal government created a new savings plan called a TFSA (Tax Free Savings Accounts). These savings plans will be available starting in 2009. These savings plans are similiar to to RRSP’s, with some technical but important differences.

RRSP vs. TFSA

 
TFSA
RRSP

Deposts to fund are tax deductible?
No
Yes

Growth/interest earned is tax sheltered […]