Guides
RESP and TFSA basics for Canadian students
Updated September 2026
Two registered accounts show up a lot in Canadian student money conversations: the RESP (education savings) and the TFSA (tax-free savings). They are different tools. This page is education only — confirm contribution room, withdrawals, and eligibility with the CRA or your bank.
RESP in one paragraph
A Registered Education Savings Plan helps save for post-secondary school. Parents or subscribers often open it for a student beneficiary. Government grants may apply if rules are met. Students usually do not “open an RESP for themselves” the same way they open a chequing account — ask the bank or read the CRA RESP guide before acting.
TFSA in one paragraph
A Tax-Free Savings Account lets eligible Canadian residents save or invest with tax-free growth and withdrawals, subject to contribution room. Many students use a TFSA for emergency cash or long-term investing once they have SIN eligibility and room. Confirm your limit in CRA My Account — WealthNutz does not calculate your room.
How this ties to Marketplace
Investing apps on WealthNutz Marketplace may offer TFSA products. Those are advertised products with affiliate disclosure — not a recommendation. Compare fees on the official site.