The Tax-Free Savings Account (TFSA) came into effect January 2, 2009. Since then, there has been some debate as to whether employers would be interested in offering it to employees as a savings vehicle.

The appeal of the TFSA is that it allows Canadians to set aside $5,000 a year without accruing tax on the income it generates. This may be an option for Canadians who have already maxed out their RRSPs and want another savings option. It may also be popular among younger Canadians saving for a home or who want short-term savings, because you can withdraw funds without penalty, unlike an RRSP.

While it may be attractive to some, I’m still not sure employers will implement the TFSA en masse. In fact, I recently read an article in the Canadian HR Reporter magazine that says: “Employers not jumping on the TFSA bandwagon.” According to the article: “Companies have been slow to incorporate” the TFSA “because of limited employee support.”

If you’re an employee reading this, I’d like to know whether you would take advantage, or are taking advantage, of a TFSA at work. If not, do you want your employer to offer one? Or do you think you just won’t use it?

The article also says that while offering a TFSA may make an employer more attractive to a potential employee, there are some challenges. For one, it could come with new administrative responsibilities. Secondly, because it falls under the guidelines for the capital accumulation deadline, employers would be obligated to create a communications strategy to educate employees on the TFSA.

If you’re an employer, I’d also like to hear your thoughts. Do you think a TFSA is worth implementing? Have you already implemented it? What has been employee response?