Maximize Your Savings: RRSP, TFSA & FHSA Made Simple
Build your savings with accounts designed for different goals and tax advantages. Explore the RRSP, TFSA, and FHSA to see which mix fits your plan.
RRSP (Registered Retirement Savings Plan)
A retirement-focused account where your contributions are tax-deductible and investments grow tax-deferred until withdrawal.
Why it helps
- Reduce your taxable income today with deductible contributions
- Compound growth without paying tax each year
- Option to use special programs (home purchase or education) under eligible rules
- Convert to retirement income later (e.g., RRIF)
Good for
- People in higher tax brackets expecting the same or lower bracket in retirement
- Long-term retirement savers who won’t need frequent withdrawals
Withdrawals & Notes
- Withdrawals are taxable income in the year you take them
- Contribution room is based on a percentage of earned income up to an annual maximum; unused room carries forward
- Deadlines typically fall in the first 60 days of the year for prior-year tax purposes
TFSA (Tax-Free Savings Account)
A flexible savings/investing account where growth and withdrawals are tax-free.
Why it helps
- No tax on interest, dividends, or capital gains
- Withdraw anytime, for any goal, with no tax on withdrawals
- Unused contribution room carries forward; withdrawn amounts are added back the following year
Good for
- Building an emergency fund or medium-term goals
- Investing for the long term with future tax-free income
- Savers who value flexibility and penalty-free access
Withdrawals & Notes
- Withdrawals are not taxable and don’t affect benefits tied to income
- Annual TFSA limits are set by the CRA; track your personal room to avoid over-contributions
FHSA (First Home Savings Account)
A first-home account that blends RRSP-style tax deductions with TFSA-style tax-free withdrawals when used for an eligible first home.
Why it helps
- Contributions are tax-deductible (like an RRSP)
- Tax-free growth, and tax-free withdrawal for a qualifying first-home purchase (like a TFSA)
- If you don’t buy, you can transfer to your RRSP/RRIF tax-free (no impact on RRSP room)
Good for
- First-time homebuyers who want to accelerate a down payment with tax advantages
- Savers who want flexibility if plans change (transfer option)
Withdrawals & Notes
- Must meet first-time homebuyer and property eligibility rules for tax-free withdrawal
- Annual and lifetime FHSA contribution limits are set by the CRA
Which Account Should I Use?
Prioritize Retirement & High Tax
Start with RRSP for deduction, then TFSA for tax-free growth later.
Need Flexibility or Emergency Fund
Choose TFSA for tax-free access anytime—perfect for short or medium-term goals.
Saving for Your First Home
Max your FHSA first (tax deduction + tax-free withdrawal), then TFSA. RRSP is optional for extra savings.
Quick Compare
Take Control of Your Financial Future
Whether your goal is retirement, buying your first home, or building flexible savings, we help you create a clear, tax-smart strategy tailored to you. Start planning today and make every contribution count.
Get Your Free Quote