| Age limit | As of age 18
No maximum age
| No minimum age1
No later than the year you turn 71.
|
| Dollar limit | $5,000 since 2009, then indexed to inflation in increments of $500 as per CPI2 | $22,450 for 2011, indexed to growth in Average Wage |
| Contribution room | Equal to dollar limit | 18% of income, up to dollar limit |
| Contribution tax deductible | No | Yes |
| Withdrawal taxable | No | Yes |
| Investment income taxable | No | No3 |
| Impact of withdrawals on income-tested government benefits and tax credits | None | Yes, since it is added to income. |
| Creates contribution room as a result of withdrawals (it is possible to "re-contribute" the amounts withdrawn) | Yes, equivalent to the withdrawal amount (as of the year following withdrawal) | No |
| 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 |
| 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 |
| Eligible savings products | Term investments (excluding the Non-Redeemable Guaranteed Interest Fund) Guaranteed Investment Funds (Helios®) Guarantee Advantage - Market-linked term investments. | Term investments (excluding the Non-Redeemable Guaranteed Interest Fund)
Guaranteed Investment Funds (Helios®) Guarantee Advantage - Market-linked term investments. |
| | Find out more about the TFSA | Find out more about the RRSP |