Is the TFSA the same as my regular Savings Account and will it replace it?

No. While the TFSA is flexible, it is different from our Savings Account and it is recommended you have both accounts. The most important thing to remember is that when you make withdrawals from your TFSA account during the year, the money cannot be re-contributed until at least the following year. There is also an annual contribution limit on your TFSA.

For an unregistered Savings Account, there are no limits on the amount you can contribute or withdraw.