What is tipitaka? Why is it significance?

The Pāli Canon is the collection of texts the Theravāda regards as Word of the Buddha (Buddhavacana). The Pāli Canon is commonly known as the Tipit,aka, the “Three Baskets” or “Three Compilations”. The “Three baskets” or “Three compilations” consist of:

          1.  The Vinaya Pitaka

          2.  The Sutta Pitaka, and

          3.  The Abhidhamma Pitaka

It preserves and maintains the teaching of the Buddha. It is the dwelling place of the Buddha, the Dhamma and the Sangha. It is a complete collection all belonging to a single school (Theravāda). The entire collection has been preserved in Pāli, the language spoken by the Buddha.