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What is the difference between a TFSA and an RRSP?



Our response:

Here are some key TFSA and RRSP differences:

  • You need earned income to contribute to an RRSP, but not a TFSA.
  • RRSP contributions are made with pre-tax dollars, TFSA contributions are made with after-tax dollars.
  • TFSA withdrawals are tax-free, but you’ll pay tax on RRSP withdrawals.
  • You can only contribute to an RRSP until you are 71, and can only contribute to a TFSA after you turn 18.
  • RRSPs are intended for retirement savings, but you can use a TFSA to save for anything.

Learn more about TFSAs, RRSPs and how they compare.

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