| RRSP | TFSA | RESP | FHSA |
| Eligibility | Must have income to obtain contribution room (18% of previous year’s income) | Must be a resident of Canada, 18+ with SIN number. Contribution room varies with age | Must use within 35 years and & use for post-secondary (to keep benefits). | Must be a resident of Canada, 18+, and first-time home buyer. Must use in 15 years. |
| Tax benefits on contribution | Tax deductible from current year’s income | None | Contributions are eligible for grants
| Contributions are tax deductible from current year’s income |
| Tax benefits on investment growth | No tax on interest, dividends, or capital gains | No tax on interest, dividends, or capital gains | No tax on interest, dividends, or capital gains | No tax on interest, dividends, or capital gains |
| Tax benefits on withdrawals | IF converted to RIF, withdrawals are taxed at your marginal tax bracket, otherwise subject to RRSP withholding tax | No tax on withdrawals | Taxed at the beneficiary’s marginal tax bracket | No tax on withdrawals IF funds are used to purchase a qualifying home |
| Contribution Deadline | Varies, but typically March 1st | None however contribution room created from withdrawals are not added until Jan 1st of the next calendar year | CESG is no longer paid after beneficiary turns 17, but contributions can be made until the year the beneficiary turns 31 | Within 15 years of opening the account |
| Contribution Limit | 18% of your last years income or the government limit (whichever is lower) in addition to any unused contribution room | Up to your total unused contribution room (see myCRA or speak to your accountant) | $50,000 per beneficiary | $40,000
$8,000 per year and up to an additional $8,000 of unused contribution room |
| Special Withdrawal Rules | Eligible for the Home Buyer’s plan which allows first-time home buyers in Canada to withdraw up to $60,000 from their RRSPs tax-free to buy or build a qualifying home, with repayment over 15 years (note this is not the same as the FHSA and can be used concurrently) | None | Withdrawals may be used for non-education purposes, but subject to their own tax rules. Examples include capital withdrawals, accumulated income payments, RRSP rollovers, and Gifts to Educational Institutions. Eligible for the Life Long Learning plan where an individual can withdraw up to $10,000/year with a maximum of $20,000 over a four year period to finance their post-secondary education/training. | If withdrawal is NOT used to purchase a qualifying home, the withdrawal amount will be added to your taxable income for that year. |