Help & FAQ

Frequently Asked Questions

General

What accounts are supported by TFSA Can?

TFSA Can currently supports tracking for TFSA (Tax-Free Savings Account), RRSP (Registered Retirement Savings Plan), FHSA (First Home Savings Account), and RESP (Registered Education Savings Plan).

Is my financial data secure?

Yes. TFSA Can is designed to be completely offline. Your financial data is stored securely on your local device and is never sent to our servers. We recommend protecting your device with a passcode or biometric lock.

Calculations & Limits

How do TFSA withdrawals work?

Withdrawals from your TFSA do not increase your contribution room in the current year. Instead, the amount withdrawn is added back to your total contribution room on January 1 of the following year. The app handles this rule automatically in its projections.

How is my FHSA room calculated?

FHSA room starts accumulating the year you open your first FHSA account (as early as 2023). You receive $8,000 per year up to a $40,000 lifetime limit. Unused room carries forward to the following year, up to a maximum of $8,000.

Does the app track my RRSP deduction limit automatically?

The app tracks your RRSP contributions and withdrawals, but because your annual RRSP limit depends on your previous year's earned income (and any pension adjustments), you will need to manually enter your initial contribution limit available on your CRA Notice of Assessment.

Data Management

How do I backup my data?

You can use the Export Data feature in the Settings tab to generate a CSV backup of your profile, accounts, and transactions. You can share this file via email, Drive, or any other safe storage option.

Can I import data from another device?

Yes, you can import transactions via a CSV file using the Import Data feature in the Settings menu. Please ensure the CSV is properly formatted, preferably generated by the app's export function.