The South African National Treasury has approved the implementation of a tax-free savings account (TFSA) as an incentive to encourage individuals to save. The aim is to increase saving over and above retirement based-savings through a more accessible, tax-free product. From 1 March 2015, individual investors can invest up to R33 000 a year in tax-free savings accounts. While the capital investment will be capped at R500 000 over the investor’s lifetime, all proceeds earned (interest, dividends and capital growth) will be 100% tax free.