Which one to contribute to – your tax-free savings account (“TFSA”) or retirement savings plan (“RRSP”)? This, of course, varies from individual to individual and from year to year.
The key differences between your TFSA and RRSP are as follows:
Some of the key considerations when deciding between your TFSA and RRSP are as follows:
Banks, insurance companies, credit unions and trust companies can all set up RRSPs and issue TFSA’s. Your financial institution will advise you on the types of RRSP and TFSA and the investments they can contain.
If you would like more information on this topic, please contact a member of the Empire CPA team by filling out the contact form below.
Canadian and foreign tax laws are complex and have a tendency to change on a frequent basis. As such, the content published above is believed to be accurate as of the date of this post. Before implementing any tax planning, please seek professional advice from a qualified tax professional. Empire, Chartered Professional Accountants will not accept any liability for any tax ramifications that may result from acting based on the information contained above.
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