Compare Canadian Tax-Advantaged Accounts
A side-by-side reference of every CRA-registered tax-advantaged account available to Canadian households in 2026. Use this table to identify which account fits a given savings goal, then read the in-depth guides for sequencing logic and edge cases.
| Feature | RRSP | TFSA | RESP | FHSA |
|---|---|---|---|---|
| Contribution deductible against income? | Yes | No | No | Yes |
| Growth taxed? | No (deferred until withdrawal) | No (never) | Yes on EAP withdrawal | No (never if used for first home) |
| Withdrawal taxed? | Yes (full amount) | No | Yes on EAP (in student's hands) | No (qualifying first home) |
| 2026 annual room | Lower of 18% of earned income or $32,490 | $7,000 | $50,000 lifetime per beneficiary | $8,000 ($40,000 lifetime) |
| Federal match? | No | No | Yes — 20% CESG up to $500/year/child | No |
| Carry-forward unused room? | Yes (indefinitely) | Yes (indefinitely) | Partial (CESG catch-up 1 year) | Yes (up to $8,000/year cap) |
| Over-contribution penalty | 1%/month above $2,000 buffer | 1%/month (no buffer) | 1%/month above $50,000 | 1%/month above limit |
| Age limits to contribute | Until Dec 31 of year you turn 71 | 18+, no upper limit | Beneficiary under 18 for CESG | 18-71 (and not a homeowner past 4 yr) |
| Best-use case (most households) | High current marginal rate, retirement savings | Flexible savings, lower current rate | Saving for child's post-secondary | First-home down payment |
How to read this table
The most consequential row for the typical household is the first one — deduction at contribution time. Only the RRSP and the FHSA give you a current-year deduction. The TFSA and RESP do not. That single difference drives most of the RRSP-vs-TFSA decision tree.
The second-most consequential row is the federal match — only the RESP offers one, and only if you contribute. Any RESP contribution up to $2,500/year/child captures a guaranteed 20% return via the CESG before the underlying investments do anything.
The remaining rows govern flexibility, age constraints, and contribution mechanics. PlainRRSP's calculator will let you input your numbers and see the dollar value of the decision, instead of reasoning about it from this table alone.