The information contained in this page is taken from and adapted from information provided by the Department of Finance Canada, 2015.

Age limit

As of age 18.Minimum age: 16 in Quebec and 18 in the Canadian provinces, the minimum authorized age to own a contract in Canada.
No maximum age.Maximum age: No later than the year you turn 71.


Dollar limit: $10,000 per civil year from 2015 (2009-2012: $5,000, 2013-2014: $5,500).Dollar limit: $24,930 for 2015, indexed to growth in Average Wage.
Contribution room: Equal to dollar limit.Contribution room: 18% of income, up to dollar limit.
Possibility to "re-contribute" the amounts withdrawn equivalent to the withdrawal amount (as of the year following withdrawal).No possibility to "re-contribute" the amounts withdrawn.
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 contribute to his or her own TFSA.Contribution to spouse's account: Yes


Contribution tax deductible: NoContribution tax deductible: Yes
Withdrawal taxable: No
No impact of withdrawals on income-tested government benefits and tax credits.
Withdrawal taxable: Yes
Since the withdrawals are added to income, there is an impact on income-tested government benefits and tax credits.
Investment income taxable: NoInvestment income taxable: No Investment income is taxable when withdrawn.
Tax upon death: No (fair market value at the date of death).Tax upon death: Yes, subject to the exemptions applicable to the spouse and dependent children and grand-children.

Find out more about the TFSA and the RRSP.