The closest Canadian equivalent to an IRA or 401(k) is the Registered Retirement Savings Plan, which is commonly known as the “RRSP.”  Contributions are tax deductible, and tax is payable as distributions are taken, which may occur at any time.  The maximum annual RRSP contribution is roughly 18% of earned income, up to a maximum of $22,000 CAD.  At age 71, a RRSP must either be distributed or converted into a Registered Retirement Income Fund (or “RRIF”), which has characteristics similar to an RRSP except that no contributions may be made and there are mandatory annual withdrawals.  The Canadian equivalent to a Roth IRA is the Tax-Free Savings Account (or “TFSA”).  Contributions are not deductible, but distributions (which may be taken at any time) are not taxable.
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