Both TFSAs and RRSPs are excellent savings vehicles for Canadians. The TFSA is a Tax Free Savings Account that has only been around since 2009. TFSAs are often referred to as the "Totally Fantastic Savings account" yet some are not aware of the differences between a TFSA and a regular savings account. By contrast, RRSPs are Registered Retirement Savings Plans which have been around much longer. RRSPs were first introduced in 1957. RRSPs started out slowly given the maximum contribution was $2,500 each year.