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The reason we invest is to build a future; a future for ourselves and for future generations. This resource centre is designed to help you stay informed about Canada's retirement vehicles – RRSPs and TFSAs – so that you can build your financial future.

TFSA RRSP
Minimum age To open a TFSA, you must be 18 years of age or older, be a Canadian resident, and have a SIN. There is no minimum age to open an RRSP as long as you earned qualified income in the previous year, are a Canadian resident and have a SIN.
Maximum age No maximum age to contribute. As long as you are a Canadian resident with a SIN, you can own and contribute to a TFSA. Contributions can only be made until the end of the year in which you turn 71. After that point the RRSP is automatically rolled into a Registered Retirement Income Fund (RRIF).
Contributions No tax deduction for contributions There is a tax deduction for contributions
Maximum of $5,500 can be contributed annually. This limit is indexed to the inflation rate, with the indexed amount rounded to the nearest $500. Maximum contribution for 2014 is 18% of previous years’ earned income, up to a maximum of $24,270, plus any unused contribution room from previous years.
Unused contribution room can be carried forward indefinitely. Unused contribution room can be carried forward indefinitely.
Withdrawals Withdrawals are tax-free Withdrawals are taxed as income
No requirement to withdraw at any age The plan must be rolled into a RRIF at age 71. Then, minimum withdrawal amounts must be made, based on an age-based RRIF schedule.
Withdrawals will not affect Federal benefits such as OAS or Employment Insurance. Withdrawals are considered income, so Federal benefits such as OAS or Employment Insurance may be reduced.
Withdrawals may create additional contribution room. Withdrawals do not create additional contribution room.