How the tax-free savings account (TFSA) works?

Here is a overview of how the tax-free savings account (TFSA) works: All Canadian residents, aged 18 or older, can contribute to a TFSA. Investment income earned in a TFSA is tax-free. Withdrawals from a TFSA are tax-free. Contributions into the TFSA are not tax-deductible. A wide range of investment options such Guaranteed Investment Certificates (GICs), mutual…

How are non-residents taxed differently than residents of Canada?

Under the Canadian income tax system, your liability for income tax is based on your status as a resident or a non-resident of Canada. If you are a resident of Canada during a tax year, you are subject to Canadian income tax on your worldwide income form all sources both inside and outside of Canada.