Money in Canada
Plan your money in Canada with free calculators that work in Canadian dollars, plus links to the government agencies that set the rules for TFSAs, RRSPs and pensions.
Free calculators for Canada
These open in CAD automatically. You can switch currency on any tool.
Key rules to know
TFSA: tax-free growth
A Tax-Free Savings Account lets investments grow and be withdrawn tax-free. Contribution room is set each year and unused room carries forward — check your exact room in your CRA My Account.
RRSP: tax break now
Registered Retirement Savings Plan contributions are tax-deductible, and withdrawals are taxed later. Your limit depends on your earned income and appears on your Notice of Assessment.
FHSA for first-time buyers
The First Home Savings Account combines a tax deduction on contributions with tax-free withdrawals for a qualifying first home purchase.
CPP and OAS
The Canada Pension Plan pays a benefit based on your contributions, and Old Age Security is paid based on years of residence. Your estimate is in My Service Canada Account.
Deposit insurance — up to a limit
CDIC protects eligible deposits at member institutions up to a limit per insured category. Check the current limit and categories on the CDIC website.
Credit scores
Equifax and TransUnion are Canada’s two credit bureaus. You can request your credit report from each of them for free.
Official sources
Rates, limits and allowances change. Always confirm current figures with the official source.
- Canada Revenue Agency — Taxes, TFSA and RRSP room, My Account
- Financial Consumer Agency of Canada — Budgeting, credit and banking guidance
- Public pensions (CPP and OAS) — Pension amounts and applications
- CDIC — Deposit insurance coverage
- Bank of Canada — Policy interest rate and inflation
- GetSmarterAboutMoney.ca — Unbiased investing education
- BDC — Financing and advice for Canadian businesses
Common questions
TFSA or RRSP first?
If you expect a lower tax rate in retirement than today, the RRSP deduction often wins; if your income is lower now or you may need the money sooner, a TFSA is often better. Many Canadians use both.
How much house can I afford in Canada?
Lenders look at your total housing and debt costs against income and apply a mortgage stress test at a higher qualifying rate, so your approval may be lower than a simple payment calculation suggests.
This page is general education, not financial, tax or legal advice. See our disclaimer.