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Whether you’re saving for a rainy day, for retirement, for your future, or to send your kids to college, there is a savings vehicle for you. Take a few minutes to explore the key differences and benefits of the Tax-Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP).

Expand How does a TFSA compare to an RRSP?

Expand Why should I have an RRSP—is the TFSA a better investment option?

Expand How will a TFSA benefit me in the short/long term compared to an RRSP?

Expand Ready to learn more?


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Information about the Tax-Free Savings Account is based on what is currently available from the Canadian government and can be subject to change.

* The age of majority is 19 for residents of certain provinces and territories which may delay the opening of a TFSA or RRSP. However, you start to accumulate TFSA contribution room at age 18.

The material in this chart is intended as a general source of information only, and should not be construed as offering specific tax, legal, financial or investment advice. Every effort has been made to ensure that the material is correct at time of publication, but we cannot guarantee its accuracy or completeness. Interest rates, market conditions, tax rulings and other investment factors are subject to rapid change. Individuals should consult with their personal tax advisor, accountant or legal professional before taking any action based upon the information contained in this chart.

Financial planning services and investment advice are provided by Royal Mutual Funds Inc. (RMFI). RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.


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