Investing starts with understanding the basics.

The 2026 annual dollar limit is $7,000. Unused room carries forward, and eligible withdrawals are added back to your room on January 1 of the following year.

Money can generally be withdrawn at any time without tax. A withdrawal does not create new room until the next calendar year.

Contributions are not deductible. Investment income and withdrawals are generally tax-free and do not affect federal income-tested benefits and credits.

Overcontributions can attract a 1% monthly tax. CRA figures can lag recent transactions, so compare your records before contributing.

Your personal limit appears on your latest notice of assessment. It generally reflects unused room plus 18% of prior-year earned income, up to the 2026 dollar maximum of $33,810, adjusted for pension and other amounts.

Regular withdrawals are taxable and the room is generally not restored. Eligible Home Buyers’ Plan and Lifelong Learning Plan withdrawals follow separate limits and repayment rules.

Eligible contributions can be deducted now or in a later year. Investment growth is generally tax-deferred inside the plan; withdrawals are included in taxable income.

An RRSP must mature by December 31 of the year you turn 71—commonly by conversion to a RRIF or annuity. Withholding tax may not equal the final tax owing.

The first-year room is $8,000, with up to $8,000 of unused participation room carried forward. The lifetime contribution limit is $40,000 across all your FHSAs.

A qualifying home-purchase withdrawal is tax-free and does not have to be repaid. Other withdrawals are generally taxable.

Eligible personal contributions may be deducted in the contribution year or a future year. Direct RRSP-to-FHSA transfers use FHSA room but do not create a new deduction.

An FHSA has a maximum participation period. Unused property can generally be transferred directly to an RRSP or RRIF on a tax-deferred basis without using RRSP room.

There is no annual contribution limit, but the lifetime limit is $50,000 per beneficiary across all RESPs. Contributions are not deductible.

Basic CESG is generally 20% of the first $2,500 contributed annually—up to $500 a year, or up to $1,000 when catching up—subject to a $7,200 lifetime CESG maximum. Additional incentives may apply.

Contribution withdrawals can generally be paid tax-free. Grants and growth are paid as educational assistance payments and are generally taxable to the student. Initial EAP limits can apply when studies begin.

Coordinate contributions if a beneficiary has more than one RESP. Beneficiary changes, non-attendance and closing a plan can affect grants and accumulated income.

There is no annual contribution limit, but the lifetime limit is $200,000. Contributions can generally be made until the end of the year the beneficiary turns 59 and are not deductible.

Depending on income and contributions, grants can total up to $3,500 a year and $70,000 over a lifetime. Bonds can total up to $1,000 a year and $20,000 over a lifetime. Eligibility generally ends after the year the beneficiary turns 49.

Payments contain taxable and non-taxable portions. Personal contributions are generally non-taxable when paid out; grants, bonds and investment income are generally taxable to the beneficiary.

Withdrawals can trigger repayment of recent government assistance—potentially $3 for each $1 withdrawn, up to the applicable assistance holdback amount. RDSP payment rules are detailed and should be checked before withdrawing.

There is generally no contribution-room limit and no contribution deduction. Cash or investments can usually be added whenever the institution permits.

You can usually take money out at any time. Taking out cash is not taxed by itself, but selling an investment before the withdrawal may create a capital gain or loss.

You generally report interest, dividends and foreign income on your tax return each year. When you sell an investment, you may also have a capital gain or loss to report.

Accurate adjusted-cost-base records matter, especially when the same investment is held at more than one institution. Account ownership can also affect attribution, estate and tax outcomes.

Employee and employer contributions, matching formulas and maximums vary. Group RRSP contributions generally use personal RRSP room; pension and DPSP participation can create a pension adjustment that reduces future RRSP room.

A group RRSP may permit withdrawals, although employer rules can restrict them. Pension money is often locked in and intended to provide retirement income.

Employee contributions may be deductible depending on the plan. Employer contributions and eventual payments have plan-specific tax treatment.

Review matching, vesting, investment choices, fees, portability and what happens when employment ends before deciding how the plan fits with personal accounts.

A RRIF commonly converts RRSP savings into retirement income. A LIRA generally holds transferred locked-in pension money. A LIF is designed to pay retirement income from locked-in assets.

A RRIF must pay an annual minimum beginning the year after it is opened and has no federal maximum. A LIF usually has annual minimum and maximum withdrawals; a LIRA generally does not permit regular withdrawals.

Growth generally remains tax-deferred while inside the account. Amounts paid out are generally taxable; withholding rules can differ for minimum and excess RRIF withdrawals.

Unlocking exceptions, conversion ages and LIF maximums depend on whether the original pension was federally or provincially regulated. Confirm the governing jurisdiction before acting.