A great report from CTV News on the new Canadian tax-free savings account. What it is, how it works and a few good examples of how much you’ll save in taxes by using this account. I think it’s a great idea for saving for your first house or an investment property.

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Minister of Finance, Jim Flaherty said “No,” point blank to a question from a CBC National viewer regarding whether or not the federal Tories would ever consider making mortgage interest tax deductible. He also spoke of the new savings plan that allows Canadians to put away 00 tax free towards the purchase of a new house (or car or vacation or … whatever), this is different than the RRSP allowance that must be paid back.

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