Saving for retirement or a rainy day? Choosing whether to invest the savings in either an RRSP or TFSA is a common question. Age, income and wealth all factor in to the choice that is right for you. The most important thing is to start saving! The following chart lists the differences between the two plans. RRSP TFSA Tax deductible contributions Non-deductible contributions Taxable withdrawals Tax exempt withdrawals No minimum age, contribution room is determined by earned income Must be 18 to contribute Must be withdrawn or converted to a RRIF by age 71 No upper age limit Contribution limit ...