Flexible tax-free withdrawals
Contributions are not deductible. Income and withdrawals are generally tax-free; withdrawn amounts return as contribution room the next calendar year.
No universal winner
Three different jobs
The account wrapper affects contributions and withdrawals; the investment inside it creates separate risk.
Deduction now, tax later
Deductible contributions may reduce current taxable income. Income generally remains sheltered in-plan and withdrawals are generally taxable.
Eligible first-home saving
For eligible first-time buyers, contributions are generally deductible and qualifying home withdrawals can be tax-free. Opening and participation rules apply.
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Primary sources
CRA: how TFSAs work and withdrawal room.
CRA: RRSP overview and deduction-limit guidance.
CRA: FHSA rules. Provider offer: Wealthsimple Referral Bonus Promotion 2026.
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