At Mogo, you can choose from three account types to hold your investments: Tax-Free Savings Accounts (TFSAs), Registered Retirement Savings Plans (RRSPs), and non-registered accounts. Each type has its own purpose, benefits, and rules—and all can play a role in a strong long-term investing plan.
Registered Accounts: TFSA & RRSP
Registered accounts are tax-advantaged investment vehicles offered by the Canadian government. They help you grow your money faster by minimizing taxes—but they come with specific contribution limits.
Tax-Free Savings Account (TFSA)
Tax-free growth and withdrawals. You don’t pay any tax on investment gains—even when you withdraw.
Contribution limits apply. For 2025, the TFSA limit is $7,000, with total contribution room of up to $102,000 if you’ve been eligible since 2009 and never contributed.
Your limit may be lower if:
You turned 18 after 2009
You’ve lived outside of Canada
You’ve made withdrawals this year
To check your exact contribution room, log into your CRA account.
Registered Retirement Savings Plan (RRSP)
Tax-deferred growth. You don’t pay taxes on contributions now, but you will when you withdraw.
Contribution limit for 2024:
18% of your previous year’s income, up to $32,490
Unused contribution room carries forward
RRSPs are most effective when:
You're in a high income bracket
You're saving for retirement
You’re using the Home Buyers’ Plan (HBP) or Lifelong Learning Plan (LLP)
You’ve already maxed out your TFSA
Withdrawals from RRSPs are taxable. Learn more about applicable withdrawal fees [link to RRSP fees article].
Stay Within Your Contribution Limits
It’s your responsibility to track your contribution room for both TFSA and RRSP accounts. Overcontributions can result in CRA penalties, so it’s important to confirm your limits on the CRA website.
Non-Registered Accounts
Non-registered accounts don’t offer tax advantages, but they’re much more flexible:
No contribution limits
No special eligibility requirements
Ideal if you’ve maxed out your TFSA and RRSP, or want easier access to your funds
Opening Your Account with Mogo
You can open up to 3 accounts with Mogo. If you choose a TFSA or RRSP, you’ll need to agree to the Declaration of Trust—a legal document required by the government. You’ll find it in the app during the registered account setup process.