Plans Available

	RRSP	TFSA	RESP
Annual Maximum	Lesser of 18% of previous year's earned income. Annual limit ($20,000 in 2008)	$5,000 per year	None
Cumulative limit	None	None	$50,000 and $7,200 for the Government CESG
Deductibility	Deductible	Non-Deductible	Non-Deductible
Unused contribution room	Carried Forward	Carried Forward	Maximum %50,000 lifetime
Excess contributions	$2,000 permitted Penalty of 1% per month in excess of that amount	Penalty of 1% per month	See above
WITHDRAWALS
Taxation	Taxable	Non-Taxable	Taxable
Specific conditions	None	None	Lose grant of beneficiary doesn't attend school
Annual Maximum	None Withdrawals don't create new contribution room	None Withdrawals create new contribution room	$2,500 for each 13 week semester of study Withdrawals don't create new contribution room
PARTICULARS BASED ON SAVINGS OBJECTIVES
Education	Maximum lifetime withdrawal of $20,000 Withdrawals taxable if not repaid within prescribed times	Mechanism that responds to ongoing savings needs regardless of objectives No maximum Lifetime	Accumulated savings must be withdrawn for education or transferred to another vehicle after 25 years of age with the CESG and 36 years without
Home Purchase
Retirement	Accumulated savings must be withdrawn or transferred to another vehicle after 71 years of age