Retirement Income

Should You Contribute to Your RRSP or TFSA?

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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, and that the RRSP is really a tax deferral plan. “Not only can Canadians contribute …

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Should I contribute to my TFSA or RRSP?

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With the end of January nearing, Canadians are focused on contributing to their RRSPs and getting their tax refunds. In an ideal world we would make maximum contributions to both our TFSA and our RRSP accounts. However, most Canadians simply don’t have enough income to be able to contribute significantly to either plan – yet max out their annual TFSA contribution. Here at home many Canadians still prefer to contribute to their RRSPs instead of their TFSAs. Yet for many Canadians the TFSA may be a better choice. The TFSA The Tax Free Savings Account (TFSA) was introduced by the …

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