The TFSA Goldend Nest Eggs

Don’t Use Your TFSA as a Savings Account

According to a recent post by Garth Turner, the gift, only 4 in 10 Canadians have a TFSA (Tax Free Savings Account). Of those only half actually do anything with it. In addition 80% of people with a TFSA have it sitting in high interest savings accounts. Garth writes: “Despite being able to shelter all this money from any kind of tax, most don’t. Only four in ten people have a TFSA, even five years after it was created. Of those only half actually contribute to them. And (are you sitting?) eighty ...

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rrsp_tfsa_nest_egg

RRSP and TFSA Strategies You Can Take to the Bank

It’s that time of the year again – RRSP Season. Canadians will be lining up at the bank to either contribute to their RRSP (Registered Retirement Savings Plan), or borrowing for an RRSP loan. For most Canadians, that net benefit will be a tax-refund. What many Canadians don’t realize however, is the refund from contributing to their RRSP is not a gift. It has to be paid back later with taxes. That’s because any money withdrawn from your RRSP is considered income and is fully taxable. ...

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Tax kids calculating RRSP and TFSA contributions!

Should You Contribute to Your RRSP or TFSA?

My first post at BankNerd.ca… At the beginning of February I was delighted to be accepted into the Guest Authorship Program at BankNerd.ca. I’ve written my first article, fortuitously launched on Valentine’s Day. 🙂 The post is titled Should You Contribute to Your RRSP or TFSA? In this post I look at the basic differences between the TFSA and RRSP, and why I think the TFSA is a better option for most Canadians. I also bring up the point that RRSP Withdrawals become taxable income, ...

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Tax refund!

The Weekly Lineup – RRSP and TFSA Edition

February 29th 2012, is the final day to make a contribution to your RRSP for the 2011 taxation year. Like most Canadians, you probably scramble at the last minute to find some extra cash, or even take out an RRSP loan. You probably don’t give much thought to your overall RRSP strategy – other than the impending refund. But you should! If you’re looking for some answers on the eternal RRSP and TFSA conundrum, here are some great posts and ideas from around the web to help you out: Make ...

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