How TFSA works:
If you save up to $5,000 per year, the tiny interest you earn from the
bank is tax-free. Meaning, if you manage to save $5,000 after tax for
the full year and you're in the highest tax bracket and you get a
higher-end return on your money (say, 3 per cent), your entire
financial reward will be less than $75 total for the whole year.
Out of that will come any fees that the banking institution charges
for the account or any transactions you happen to make. Bank charges
can easily eat up most, if not all, of the minimal "benefits" of the
account, leaving you with zilch.