Age limit | As of age 18
No maximum age
| No minimum age1
No later than the year you turn 71.
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Dollar limit | $5,000 per civil year from 2009 to 2012, $5,500 for 2013, then indexed to inflation in increments of $500 as per CPI2 | $22,970 for 2012, indexed to growth in Average Wage |
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Contribution room | Equal to dollar limit | 18% of income, up to dollar limit |
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Contribution tax deductible | No | Yes |
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Withdrawal taxable | No | Yes |
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Investment income taxable | No | No3 |
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Impact of withdrawals on income-tested government benefits and tax credits | None | Yes, since it is added to income. |
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Creates contribution room as a result of withdrawals (it is possible to "re-contribute" the amounts withdrawn) | Yes, equivalent to the withdrawal amount (as of the year following withdrawal) | No |
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Contribution to spouse's account | No, but it is possible to give money to one's spouse (as a gift) so that he or she can conrtibute to his or her own TFSA | Yes |
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Tax upon death | No (fair market value at the date of death). | Yes, subject to the exemptions applicable to the spouse and dependent children and grand-children |
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Eligible savings products | Term investments (excluding the Non-Redeemable Guaranteed Interest Fund) Guaranteed Investment Funds (Helios®) Market-linked term investments - Guarantee Advantage. | Term investments (excluding the Non-Redeemable Guaranteed Interest Fund)
Guaranteed Investment Funds (Helios®) Market-linked term investments -Guarantee Advantage. |
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| | Find out more about the TFSA | Find out more about the RRSP |