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THE INTERACTIVE LEARNING COLLECTION

Canadian account comparison

Understand what the acronyms mean.

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Interactive learningAll amounts in CAD · No financial accounts connected
First account
Second account
CharacteristicTFSARRSP
Contributions & deductionNo deduction for contributions.Eligible contributions deductible within personal room.
Growth & withdrawal taxationQualifying growth and withdrawals generally tax-free.Growth generally tax-deferred; withdrawals usually taxable.
General flexibilityWithdrawals normally add room in the following calendar year.Withdrawals generally do not restore room.
Typical educational contextFlexible saving or investing.Retirement education; specific withdrawal programs have conditions.
Important cautionsPersonal room, residency, excess contributions and qualified-investment rules matter.Pension adjustments, deduction limits, withholding and actual tax can differ.
Official sourceRead the rules ↗Read the rules ↗

An account is a container, not an investment. These comparisons do not select an account for you. Verify actual contribution room using your own records and appropriate official sources; government records can lag recent transactions.

Current teaching references

RuleValueYear / effective date
TFSA annual dollar limit$7,0002026-01-01
RRSP annual dollar maximum (not personal room)$33,8102026-01-01
FHSA annual participation room on opening$8,0002023-04-01
FHSA lifetime limit$40,0002023-04-01
RESP lifetime contributions per beneficiary$50,0002007-01-01
RDSP lifetime contributions$200,0002026-09-18

RESP and RDSP figures are lifetime limits. RRSP annual maximum is not personal room. FHSA room starts only after opening; unused participation room carried forward is capped at $8,000, subject to the lifetime limit and other rules. Non-registered and workplace arrangements do not share one universal annual limit.

For educational purposes only. Not financial, investment, tax or legal advice. Hypothetical results depend on the assumptions entered and are not recommendations, approvals, guarantees or predictions. Results exclude circumstances and costs not entered.

Sources, effective dates & calculation rules

Information may change. Reviewed values are educational references, not personal contribution room or eligibility decisions.

RuleValueEffective / as ofReviewedStatusSource
TFSA annual dollar limit70002026-01-012026-09-18Reviewed — verify before launchOfficial source ↗
RRSP annual dollar maximum (not personal room)338102026-01-012026-09-18Reviewed — verify before launchOfficial source ↗
FHSA annual participation room on opening80002023-04-012026-09-18Reviewed — verify before launchOfficial source ↗
FHSA lifetime limit400002023-04-012026-09-18Reviewed — verify before launchOfficial source ↗
RESP lifetime contributions per beneficiary500002007-01-012026-09-18Reviewed — verify before launchOfficial source ↗
RDSP lifetime contributions2000002026-09-182026-09-18Current value reviewed; original effective date requires verificationOfficial source ↗

Keep exploring the concepts

Investing 101 →Compare more scenarios with Freedom Number →Take the free Money Checkup →