09/17/2026
HOW 8 COMMON CANADIAN ACCOUNTS ARE TAXED 🇨🇦
What matters is how money goes in, how it grows, and how withdrawals are taxed.
⚠️ WATCH THE WITHDRAWAL RULES
RRSP/RRIF: Withdrawals increase taxable income and may affect income-tested benefits such as OAS.
TFSA: Withdrawals don't create taxable income, and the amount withdrawn is generally added back to contribution room the following calendar year.
FHSA: Non-qualifying withdrawals are generally taxable.
RESP: Educational Assistance Payments are generally taxable to the student.
SMART MONEY TAKEAWAY
Different accounts create different tax outcomes.
The goal isn't always to minimize tax today — it's to decide where to save, what to hold in each account, and where to withdraw from in retirement.
Good tax planning coordinates your RRSP, RRIF, TFSA and non-registered investments — rather than treating each account separately.
Fee-only Financial Planner in Ontario- Ontario Wealth Strategy Experts
