Now in its 10th year, Canada's Tax-free Savings Account (TFSA) program has rapidly become the most popular way to grow savings tax-free for short-term savings goals as well as to supplement long-term retirement saving provided by traditional Registered Retirement Savings Plans (RRSPs), non-registered savings, and pensions.
Unlike the situation with the RRSP, you don't need earned income in the previous year to qualify for TFSA contribution room: another $5,500 was created as of January 1, 2018. So, even an 18-year-old who didn't work the previous year gets $5,500 in new annual contribution room. The maximum contribution amount since 2009 (if you were above the age of 18) is $57,500.
And if you're a senior, age is no barrier to contributing to a TFSA. You can even do so past the age of 100!