When you open a regular investment account, you are doing so with after - tax money, since you've already paid income taxes on it. (studentdebtwarriors.com)
Just for the record — the tax refund money is not «tax free», you have still paid income tax on it. (canadian-dream-free-at-45.com)
Depending on the type of retirement account that you have, you either get your tax break up front (you don't pay taxes on the money that you invest until you withdraw from your account in retirement), or you get your tax break in retirement (you pay taxes on the money that you invest before it is invested, but then don't pay income taxes on it when you withdraw in retirement). (studentdebtwarriors.com)