The Tax-Free Savings Account (TFSA) account is a way for individuals who are 18 and older to set money aside tax-free throughout their lifetime. Contributions to a TFSA are not deductible for income tax purposes. Any amount contributed as well as any income earned in the account is generally tax-free, even when it is withdrawn.

Source: www.canada.ca

An RRSP is a retirement savings plan where contribution are tax deductible. Any income you earn in the RRSP is usually exempt from tax as long as the funds remain in the plan; you generally have to pay tax when you receive payments from the plan.

Source/Read more: www.canada.ca

The currently proposed plan is that starting April 2023, the new Tax-Free First Home Savings Account will allow Canadians who are at least 18 to save up to $40,000 for their first home. If eligible, you can contribute up to $8,000 each year to the account but (and there's always a but, right?) you have to use these funds within 15 years of first opening an FHSA or before you turn 71 (whichever is earlier), otherwise the account would have to be closed.