The Canadian government's Tax Free Savings Account, introduced in 2009, is a widely available tax-free savings vehicle that older adults should seriously consider. The greatest benefit is the ability to add money (up to your limit) and take out money with no tax deductions.
Canadian residents can deposit up to $5000 per year that the account has been open. That means that after three years that account can hold up to $15 000 without taxes being charged. That also means that if you are unable to deposit up to your limit you can roll-over that amount into the next year's total.
There really is no downside to filling your Canadian Tax Free Savings account.