Canada introduced the Tax Free Savings Account (TFSA) in 2009.
Any Canadian resident age 18+ and having a valid Social Insurance Number (SIN) can establish a TFSA and contribute to it. After-tax contributions of up to $10,000/year are permitted. (The limit was $5,500/year, until just recently.) Unused contribution room carries forward, and withdrawals from the TFSA increase the contribution room by an equivalent amount the next calendar year; i.e. you get your contribution room back.
The TFSA's principal advantage is that account assets (which may include cash, marketable securities, etc.) can generate income free from any Canadian taxes, no matter whether the income arises from capital gains, dividends, interest, etc. Note that this "tax free" moniker isn't merely describing tax deferral — withdrawals remain non-taxable, too.
The TFSA is similar to the U.S. Roth IRA account type, but without tying the account to the concept of retirement. For a TFSA there is no minimum age for withdrawing funds, and so no early withdrawal penalties. All withdrawals from a TFSA are tax free. This makes a TFSA ideal not just for saving for retirement, but for emergency savings and other purposes.
Individuals also have access to the Registered Retirement Savings Plan (RRSP), similar to the U.S. Traditional IRA, where the contributor gets a tax deduction for contributions made during the year, and withdrawals are taxed as ordinary income. However, similar the TFSA, there is no minimum age for withdrawing funds, and no early withdrawal penalties. However, contribution room is not restored after a withdrawal, and contributions are no longer permitted after age 71 — the RRSP must then be converted to provide taxable income instead.
Canada also has a dividend tax credit (DTC) whereby an individual with income solely from eligible Canadian corporation dividends can earn a considerable amount per year without paying any income taxes at all. (The exact amount varies by province.)