Education

Reference pages on how Canadian registered accounts actually work. Each one is built from the CRA pages that set the rules, with the document and figure cited, and each is dated so you can see how current it is.

These are explainers, not news. They get updated when a rule or a limit changes rather than when something happens.

The accounts

• How a TFSA works Room, withdrawals, the recontribution trap and the penalty for getting it wrong.
• How an RRSP works Contribution room against deduction limit, the first 60 days, withholding and the conversion at 71.
• How an FHSA works Participation room, the four-year lookback, qualifying withdrawals and the deadline.
• How the Home Buyers’ Plan works The $60,000 limit, the 15-year repayment schedule and using it alongside an FHSA.

Run your own numbers

Every account above has a calculator that uses the same CRA figures the page cites. They are listed on the tools page.