Contribution room based on CRA rates up to 2026.
Year of Birth
Prior Year Income (for RRSP)
TFSA
Available to Canadians 18 and older. Savings and investments grow completely tax-free — gains, interest, and dividends are never taxed, including on withdrawal. Unused room carries forward indefinitely and withdrawn amounts are re-added to your room the following January 1.
RRSP
Contribute 18% of prior year earned income (up to the CRA annual max) and deduct it from taxable income today. Investments grow tax-deferred until withdrawal — ideally in retirement when you may be in a lower bracket. Must convert to a RRIF by age 71.
FHSA
The best of both worlds — contributions are tax-deductible like an RRSP, and qualifying withdrawals to buy a first home are completely tax-free like a TFSA. Annual limit is $8,000 with a lifetime maximum of $40,000. Available to first-time home buyers aged 18+.
RESP
Designed for saving toward a child's post-secondary education. Investments grow tax-deferred, and the government adds the Canada Education Savings Grant (CESG) — 20% on the first $2,500 contributed per year, up to $500/year and $7,200 lifetime per child.
RDSP
A long-term savings plan for people approved for the Disability Tax Credit (DTC). The government may contribute through the Canada Disability Savings Grant and Canada Disability Savings Bond. Lifetime contribution limit is $200,000 with no annual limit.
RRIF
Not a savings account — it's what your RRSP converts into by December 31 of the year you turn 71. A RRIF requires minimum annual withdrawals that are taxed as income. You can still invest and grow remaining funds inside the RRIF; there is no maximum withdrawal limit.
RPP / PRPP
Registered Pension Plans (RPPs) are employer-sponsored and reduce your RRSP room via a pension adjustment. Pooled Registered Pension Plans (PRPPs) are available to self-employed or employees without a workplace pension. Both provide tax-deferred retirement savings alongside your RRSP.
NON-REGISTERED
A regular taxable brokerage or savings account with no CRA annual contribution limits. Capital gains are taxed at 50% inclusion, eligible dividends receive a dividend tax credit, and interest is taxed as ordinary income. Best used once TFSA, RRSP, and FHSA room is fully utilized.