该账户由当时的联邦财政部长Jim Flaherty于2008年在2008年联邦预算中提出。并于2009年1月1日起实施。
虽然这个账户被命名为储蓄账户，但是并不一定要是现金存款。与注册退休储存计划一样，免税储蓄账户可以包括现金存款、各种投资（例如互惠基金、某些股票、债券或担保投资证等）。
在加拿大年满18岁、拥有工卡的居民可以申请在银行开设免税账户进行储蓄或投资。持有人可以在任何时间把钱提取出来而不需要交税。
TFSA账户可以参与任何符合RRSP的投资，包括在合资格交易所进行的公开股票交易、合资格的私人公司股票交易，债券，互惠基金基金，房地产投资信托基金，年金合同，期权以及担保投资证等。
该账户有供款额度的限制，每年根据联邦税务局的指引累加。2013年之前为每年$5,000加币，2013年开始，根据通涨，额度被调整至$5,500加币。2015年，当时执政的保守党将当年的额度提高至$10,000加币。2016年自由党上台执政后，将当年的额度重新降低至$5,500加币。
截止到2019年，累计的存款额度为$63,500加币。
| 年份 | 年度限额 | 累积金额 |
| 2009-2012 | $5,000 | $20,000 |
| 2013-2014 | $5,500 | $31,000 |
| 2015 | $10,000 | $41,000 |
| 2016 | $5,500 | $46,500 |
| 2017 | $5,500 | $52,000 |
| 2018 | $5,500 | $57,500 |
| 2019 | $6,000 | $63,500 |
超额供款会导致税务局的罚款。如果供款达到累积限额，在一个自然年度的提款，只能在下一个年度1月1日起可供提取的额度，如果在同一年发生，会视为超额供款。
另外，。由於 TFSA里的 资产在持有人死亡时是不需要交税，所有资产直接付给受益人，所以TFSA也可以视为极佳的财富转移计划，还能越过遗产认证程序从而节省遗产认证费（Probate Fee, 安省大概1.45%）。
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