Max Out Your TFSA, and Forget the RRSP!
With RRSP season approaching, and the chaotic frenzy that ensues in January and February, I thought I would jump to the front of the queue and get the RRSP ball rolling for 2011. The premise of this article is that everyone should max out their TFSA’s first, and then consider whether they need to contribute to an RRSP. Both investment vehicles grow tax free. The main advantage of the TFSA over the RRSP is you don’t have to pay taxes on the amounts you withdraw. Conventional Wisdom Conventional wisdom says to make the maximum contribution you are able to …