WealthRRSP vs TFSA Quiz: do you really know the difference?
⚠️ For information only. This quiz tests general knowledge; WealthWise is not a registered investment advisor and gives no personalized advice.
The RRSP and TFSA are the two pillars of Canadian savings, but their rules are very different. Answer these 7 questions to see how well you really understand the distinction between the two accounts.
Answer the questions, then see your score and an explanation for each. No account needed.
Answer the questions, then see your score and an explanation for each. No account needed.
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Frequently asked questions
Can I contribute to both an RRSP and a TFSA at the same time?
Yes, absolutely. The two accounts are independent and you can use both simultaneously, subject to your respective contribution room for each.
Which is better for a short-term withdrawal?
The TFSA is generally more flexible for short-term withdrawals, since withdrawals are tax-free and the room is restored the following year. RRSP withdrawals are taxable and the room is permanently lost.
Is the TFSA limit the same for everyone?
Yes, the annual amount is set by the federal government and is the same for all eligible Canadian residents aged 18 and over. Unused room from previous years accumulates.
What are the HBP and LLP?
The Home Buyers’ Plan (HBP) and Lifelong Learning Plan (LLP) are two programs that allow temporary tax-free withdrawals from an RRSP, provided the amounts are repaid on a schedule set by the CRA.