| Account Type |
Contributions |
Investment Income |
Withdrawl of Funds |
Maximum Contributions |
| Registered Retirement Savings Plan |
Tax Decutible |
Non-Taxable |
Taxable |
18% of earned income, up to a maximum of $25,370 plus
unfullfilled contribution room from previous years |
| Spousal Registered Retirement Savings Plan |
Tax Decutible |
Non-Taxable |
Taxable |
18% of earned income, up to a maximum of $25,370
plus unfullfilled contribution room from previous years |
| Registered Education Savings Plan |
No |
Non-Taxable |
Taxable in the hands of University/ College Student |
$2,500 |
| Tax Free Savings Account |
No |
Non-Taxable |
Non-Taxable |
$10,000 |
| Individual Cash Account |
No |
Taxable |
Taxable |
Not Applicable |
| Joint Cash Account |
No |
Taxable |
Taxable |
Not Applicable |
| Corporate Account |
No |
Taxable |
Taxable |
Not Applicable |
| Locked-in Retirement Account (LIRA) |
Not Allowed |
Non-Taxable |
Taxable - Only allowed upon plan maturity |
Not Applicable |
| Registered Retirement Income Fund (RRIF) |
Not Allowed |
Non-Taxable |
Taxable - Compulsory withdrawl at age 71 |
Not Applicable |
| Life Income Fund (LIF) |
Not Allowed |
Non-Taxable |
Taxable when withdrawn. Provincial Rules may differ. |
Not Applicable |
| Locked-in Retirement Income Fund (LRIF) |
Not Allowed |
Non-Taxable |
Taxable when withdrawn. Provincial Rules may differ. |
Not Applicable |
