RRSP & TFSA

About RRSP & TFSA

Save for retirement and benefit today.

Invest in your future while helping lower your income tax bill today

The major difference between RRSP and TFSA accounts centres around tax implications. RRSPs offer a tax deduction when you contribute, but you have to pay tax when you withdraw the money. TFSAs offer no up-front tax break, but you don’t pay tax on any withdrawals, including growth.

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Registered Retirement Savings Plan (RRSP)

RRSP contributions are tax-deductible, meaning that they can be deducted on your current year tax return, potentially reducing the total amount of taxes you pay. Benefits of RRSP are as below


  • Your income is reduced by the amount you contribute to the RRSP and your income tax liability is reduced accordingly based up on your income-tax range.
  • The income you earn in the RRSP is exempt from income tax as long as the funds remain in the plan. You have to pay tax on the amount you withdraw from the plan as the amount withdrawn is added into your income of that year.
  • Funds can be withdrawn tax free under Home Buyers’ Plan and Lifelong Learning Plan.
  • You can transfer your RRSP savings tax free into a RRIF or an annuity when you retire. You’ll pay tax on the regular payments you receive each year but if you’re in a lower tax bracket in retirement, you’ll pay less tax.

Tax-Free Savings Account (TFSA)

Grow your money tax-free and take it out whenever you want without penalty. A TFSA or tax-free savings account is a flexible way to save with all the benefits of a registered plan. You can use it to put aside money free of tax for your goals throughout life, or to set up an emergency fund. Since TFSA withdrawals aren’t taxable, more money stays in your pocket, and is there when you need it.


  • Opportunity to earn investment income, tax-free – Any interest, capital gains or dividend income you earn within the account is not subject to tax.
  • Flexibility to withdraw your savings, tax-free – At any time and for any purpose you choose.
  • Contribute to a spouse’s TFSA – You can contribute towards your spouse TFSA. But your total contribution to any account cannot exceed the maximum allowed.
  • Wide range of investment options for enhanced flexibility – Including guaranteed investment certificates (GICs), stocks, bonds etc.
  • No impact to your government benefits – No income you receive or withdrawals you make from a TFSA will affect your eligibility to receive income-tested benefits such as the Guaranteed Income Supplement, Canada Child Tax Benefit or Old Age Security benefits.