{"id":8193,"date":"2019-10-02T14:46:33","date_gmt":"2019-10-02T18:46:33","guid":{"rendered":"https:\/\/www.caissealliance.com\/comparer-le-reer-et-le-celi\/"},"modified":"2026-01-26T08:41:18","modified_gmt":"2026-01-26T13:41:18","slug":"comparer-le-reer-et-le-celi","status":"publish","type":"page","link":"https:\/\/www.caissealliance.com\/en\/comparer-le-reer-et-le-celi\/","title":{"rendered":"RRSP and TFSA Comparison"},"content":{"rendered":"\t\t
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\u00a0<\/p>

What are you saving for?<\/h2><\/div><\/div><\/div><\/div><\/div>

RRSPs<\/a> and TFSAs<\/a> are 2\u00a0types of registered savings plans that let you grow your money tax-free, each with their own advantages.<\/p>

Compare them to see which one is right for you \u2013 or choose both!<\/p><\/div>

RRSP<\/th>TFSA<\/th><\/tr><\/thead>
Savings goal:<\/strong> Put aside money tax-free to save for retirement, while also reducing your taxable income in the years you make contributions.<\/td>Savings goal:<\/strong> Put aside money tax-free to save up for anything you want.<\/td><\/tr>

Use it to:<\/strong><\/p>

  • Save for retirement<\/li>
  • Buy or build your first home<\/li>
  • Pay for your education<\/li><\/ul><\/td>

Use it to:<\/strong><\/p>

  • Renovate your home<\/li>
  • Buy a car<\/li>
  • Start a business<\/li>
  • Travel<\/li>
  • Plan for retirement<\/li><\/ul><\/td><\/tr>
Cannot be used as collateral<\/strong> for a loan.<\/td>Can be used as collateral<\/strong> for a loan.<\/td><\/tr><\/tbody><\/table><\/div>

When should you contribute?<\/h2>
RRSP<\/th>TFSA<\/th><\/tr><\/thead>
Deadline:<\/strong> March 2, 2026<\/td>Deadline:<\/strong> December\u00a031 of the current year<\/td><\/tr>
Minimum age:<\/strong> There is no minimum age, but you must have employment or business income to accumulate contribution room<\/td>Minimum age:<\/strong> 18<\/td><\/tr>
Maximum age:<\/strong> 71 (you can contribute until the end of the year in which you turn 71)<\/td>Maximum age:<\/strong> None<\/td><\/tr><\/tbody><\/table><\/div>

How much can you contribute?<\/h2>
RRSP<\/th>TFSA<\/th><\/tr><\/thead>

Annual contribution limit:<\/strong> 18% of the income you earned the previous year, up to an annual maximum of $32,490 in 2025, $33,810 in 2026 and $35,390 in 2027.<\/p>

If you contribute to an employer-sponsored plan, it will reduce your contribution room.<\/p><\/td>

Annual contribution limit:<\/strong><\/p>

  • 2025: $7,000<\/li>
  • 2026: $7,000<\/li><\/ul><\/td><\/tr>
Contribution room:<\/strong> Any unused portion of your annual limit, which is cumulative dating back to 1991<\/td>Contribution room:<\/strong> Any unused portion of your annual limit, which is cumulative dating back to 2009.=<\/td><\/tr>
Excess contributions:<\/strong> Cumulative lifetime limit of $2,000 over your available contribution room.=<\/td>Excess contributions:<\/strong> Not permitted<\/td><\/tr>

Spousal contributions:<\/strong> Permitted<\/p>

The contributing spouse gets to claim the deduction on their taxable income for the year, even if they\u2019re not the beneficiary.<\/p><\/td>

Spousal contributions:<\/strong> Not permitted<\/p>

However, you can give money to your spouse, which they can invest in their TFSA, without breaking any attribution rules.<\/p><\/td><\/tr><\/tbody><\/table><\/div>

What happens when you withdraw your money?<\/h2>
RRSP<\/th>TFSA<\/th><\/tr><\/thead>
If you\u2019re receiving government benefits or credits<\/strong>, money withdrawn from your RRSP is considered taxable income, so it may reduce your benefits.<\/td>If you\u2019re receiving government benefits or credits<\/strong>, withdrawing money from your TFSA will have no impact on your eligibility for income-tested.<\/td><\/tr>
Withdrawals cannot be recontributed.<\/strong><\/td>Any money you withdraw will free up new contribution room the following year<\/strong>1<\/sup>. In other words, withdrawals can be recontributed.<\/td><\/tr><\/tbody><\/table><\/div>

What are the tax implications?<\/h2>
RRSP<\/th>TFSA<\/th><\/tr><\/thead>
Withdrawals are taxed<\/strong>2<\/sup><\/td>Withdrawals are not taxed<\/strong><\/td><\/tr>
Investment income is taxed when you withdraw<\/strong><\/td>Investment income is not taxed<\/strong><\/td><\/tr>
If you decease:<\/strong> Your RRSP savings will be taxed, unless they are transferred to a spouse, to a minor child or to a dependent disabled child.<\/td>If you decease:<\/strong> If you have a surviving spouse, your balance can be transferred to their TFSA tax-free, without affecting their contribution room.<\/td><\/tr>
Contributions are deductible from your taxable income.<\/strong><\/td>Contributions are not deductible from your taxable income.<\/strong><\/td><\/tr><\/tbody><\/table><\/div><\/div><\/div><\/div><\/div><\/div>
  1. Withdrawals of deliberate over-contributions, non-qualified investments and asset transfer transactions, and any income attributable thereto, do not create additional TFSA contribution room. Some of these types of income may be subject to a 100% taxation rate.<\/li>
  2. Withdrawals from an RRSP are subject to tax deductions, and withdrawal fees may apply.<\/li><\/ol><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><\/div><\/div><\/div><\/div><\/div><\/section><\/div><\/div><\/div><\/div><\/div><\/section><\/div><\/div><\/div><\/div><\/div><\/section><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

    RRSPs and TFSAs are 2\u00a0types of registered savings plans that let you grow your money tax-free, each with their own advantages. Compare them to see which one is right for you \u2013 or choose both! RRSP TFSA Savings goal: Put aside money tax-free to save for retirement, while also reducing your taxable income in the […]<\/p>\n","protected":false},"author":6,"featured_media":0,"parent":0,"menu_order":295,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"class_list":["post-8193","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"\nRRSP and TFSA Comparison | Caisse Alliance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.caissealliance.com\/en\/comparer-le-reer-et-le-celi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RRSP and TFSA Comparison | Caisse Alliance\" \/>\n<meta property=\"og:description\" content=\"RRSPs and TFSAs are 2\u00a0types of registered savings plans that let you grow your money tax-free, each with their own advantages. 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