You do not need permanent residence to open a TFSA or an RRSP. A valid SIN and, for the TFSA, being at least 18 and a Canadian tax resident are the substantive conditions — and as covered in tax residency is not immigration status, you are very likely a tax resident already.
So the accounts are available. The question is whether they suit someone who may leave, and the answer differs sharply between the two.
The TFSA trap
A TFSA holds investments or cash and the growth is not taxed. Straightforward — until residency changes.
Contribution room only accrues for years you are a Canadian tax resident. Arrive in 2026 and you do not get the room accumulated since 2009. You start from your first resident year.
Contributing while a non-resident is penalised. If you leave Canada and cease to be a tax resident, contributions made after that point attract a penalty tax of 1% per month for every month the money stays in the account. That is 12% a year on the over-contribution — a genuinely punishing rate that catches people who move away and keep paying in by standing order.
You may keep the account and it continues to grow tax-free. You simply must stop contributing.
Check your available room in your CRA My Account rather than assuming. The figure banks quote is often stale, and over-contribution penalties apply whether or not you were told the right number.
The RRSP trade
An RRSP gives you a tax deduction now, and you pay tax when you withdraw. The bet is that your tax rate will be lower later.
For someone who may leave, that bet gets complicated. Withdrawals by a non-resident are generally subject to Canadian withholding tax — commonly 25%, though tax treaties reduce it for some countries.
That is not automatically bad. If you claimed the deduction at a high Canadian rate and withdraw later under a treaty rate, the arithmetic can still work. But it is a real calculation with real numbers, not a default.
Contribution room is based on your earned income from the previous year, so a new arrival typically has little room in year one. It builds as you work here.
A reasonable order for most people
1. Emergency fund first, in plain savings — see the emergency fund guide. This is not optional when your status has an expiry date. 2. Any employer RRSP match. A match is an immediate, guaranteed return and is worth taking even if you might leave. 3. TFSA next, for its flexibility. Withdrawals are not taxed and do not trigger withholding, which matters when your plans are not fixed. 4. RRSP beyond the match once you are reasonably confident you are staying and your income is high enough for the deduction to be worth something.
The thing worth doing today
Open the TFSA even if you put a small amount in it.
Room only accrues for resident years, and the account existing costs you nothing. People who wait until they have permanent residence discover they have quietly forgone years of room they were entitled to the whole time.
If you leave, stop contributing immediately and tell your bank your residency has changed. That single call avoids the 1% monthly penalty.